Samsung (SSNLF) launched its Samsung Pay service in the United States on Monday.
Samsung Pay allows owners of certain Galaxy devices, the S6, S6 edge, S6 edge+ and Note5, to make payments at almost any terminal in the US. The mobile payment service works with magnetic stripe, EMV and NFC terminals.
The fact that Samsung Pay works with magnetic stripe terminals could give it a leg up over Apple (AAPL) Pay and Google (GOOG,GOOGL) Pay. Both of these services require users to be making a payment at a terminal equipped with NFC technology.
Owners of a smartphone that supports Samsung Pay must be on one of three wireless carriers: AT&T (T), T-Mobile (TMUS) or Sprint (S). They must also have a MasterCard (MA), Visa (V) or American Express (AXP) card issued by Bank of America (BAC), Citi (C), American Express or U.S. Bank.
Samsung Pay was made available in Korea on August 20. The company also has plans to bring the mobile payment service to China, Spain and the United Kingdom.
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