Samsung Pay On Galaxy S6 Debuts At MWC - InformationWeek

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Samsung Pay On Galaxy S6 Debuts At MWC
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Technocrati
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Technocrati,
User Rank: Ninja
3/4/2015 | 2:13:21 AM
Re: Security in standardization
It will be very interesting to see what kind of inroads Samsung can make with mobile payments with the S6.   I am a Samsung user and while this model is tempting, I don't think I will be upgrading anytime soon.
Pablo Valerio
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Pablo Valerio,
User Rank: Ninja
3/3/2015 | 3:16:48 PM
Re: Security in standardization
I had a conversation with the Samsung product manager today. He confirmed a few things:

1. Samsung Pay will be launched this summer in the US and South Korea.

2. The system works with cards from finnancial institutions that have an agreement with Samsung.

3. Both NFC and LoopPay will be active to pay, no need to choose. Tokenization is done by software with LoopPay and by secure element with NFC.

4. European models of Galaxy S6 will not include LoopPay. Samsung Pay will be released in Europe after New Year 2016.
jagibbons
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jagibbons,
User Rank: Ninja
3/2/2015 | 1:57:29 PM
Re: Security in standardization
The move to contactless is definitely underway, but even if 45% in the USA are there by year-end, that still leaves 55% that aren't. I'm sure a de facto standard will emerge at some point, but until then, a lot of Android users in the USA have important decisions to make about which services to use to balance payment convenience with security.
Pablo Valerio
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Pablo Valerio,
User Rank: Ninja
3/2/2015 | 1:23:15 PM
Re: Security in standardization
@jagibbons, while I consider LoopPay highly insecure, I believe Samsung strategy is quite smart to fight Apple Pay in the US market. This way people get use to mobile payments and, when the new EMV and NFC contacless terminals are everywhere, they are already used to pay with their phones.

The card payments association expects 45% of US terminals to accept EMV chip technology by the end of the year.

As I mentioned in my article the magstripe technology has no place in Europe and most of world where EMV has been deployed. Here in Barcelona most of the payment terminals are also contactless.

Probably Samsung will save a few bucks and do not include LoopPay on the S6 devices sold in Europe.
jagibbons
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jagibbons,
User Rank: Ninja
3/2/2015 | 12:26:38 PM
Security in standardization
As someone who lives and breathes PCI compliance on a near-daily basis, I'm both intrigued and frustrated at Samsung's announcement. On the one hand, it is backwards compatible with non-NFC payment terminals that are still very prevalent in the USA. However, more payment options adds more variability in security. Maybe Samsung Pay is vastly superior to Google Wallet or any of the carrier versions of electronic payments on Android devices. More payment options in the marketplace mean more potential attack vectors to grab card data. More payment apps on my device also adds security risk in that there are more targets. There's safety in everyone rallying around fewer options and dedicating resources to making those few payment methods ultra secure.


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