A new payment system is about to be launched for mobile customers. During Sunday night’s Emmy awards show, Samsung ran a number of ads showing its new payment system and claiming that it’s “the most accepted mobile payment.” That’s a big claim considering that the system is currently only being beta tested in the U.S. and accepted in Korea.
The ads during the Emmy’s showed Samsung Pay users buying their favorite things with the phone, similar to Apple Pay and Google Wallet. The Samsung will use the Loop mobile payments platform. This platform makes mobile transactions along the mag stripe rails. Apple and Google use NFC platform which requires use at only those merchants that have the correct terminals. For Apple and Google, the bet is that as EMV becomes more widely adopted, so will the NFC platform. Samsung is betting that the mag stripe machines will continue to outnumber the new EMV and NFC machines.
Samsung will officially launch it on Sept. 28. Read more at payments.com.