Samsung Pay, the Korean manufacturers answer to mobile payment solutions like Apple Pay, will launch in the US on 27 September, following a launch in South Korea on 20 August.

The dates were announced alongside the launch of Samsung latest handsets, the Galaxy S6 Edge+ and Galaxy Note 5, both of which will support payments via NFC and MST (Magnetic Secure Transmission).

This last bit what differentiates Samsung Pay from its rivals – MST is the standard used by most credit and debit card readers, which will potentially give the service a much wider reach as it doesnt require merchant to adopt any specific hardware in order to accept payments.

Samsung began a Korean trial of Samsung Pay in July. At the time, it promised a launch in Europe and China but didnt give a date. The press release promises only that a UK launch date will be “announced in due course”.

The industry reacts

“The pivotal advantage for Samsung Pay is that it doesn’t require vendors to upgrade their payments technology – as long as they take cards, Samsung users with eligible devices can enjoy a quicker, more secure and seamless payments experience,” says Dennis Jones, CEO of Judo Payments.

“It’s a big step in the mobile payments revolution. With UK consumers alone spending nearly £10bn a year on their commute through mobile browsers and apps, businesses which are investing in reducing mobile payments’ pain points have a huge amount to gain. Especially when it’s clear that we’re moving to a cashless society making payments via the supercomputer in our pockets.”

“Samsung’s inclusion of magnetic strip recognition alongside NFC puts it ahead of Apple Pay, bringing more versatility for users and merchants alike – especially in markets where magnetic strip readers are still the main payment method,” agrees Powa Techologies CEO Dan Wagner.

“However, both solutions still lack the cutting edge needed to fully meet user demand. With consumers’ shopping habits constantly evolving, now is the time to rethink the entire shopping experience and break free from the reliance on point-of-sale terminals and queues.

“What shoppers and merchants alike really want is a cross-channel payment method that allows transactions to take place anywhere, at anytime, from a range of mediums. Until this level of freedom is achieved, mobile payments will remain more of an added bonus than the must-have feature the industry needs.”