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10 Facts About Samsung Pay

1.

Samsung Pay is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices.

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2.

Samsung Pay was developed from the intellectual property of LoopPay, a crowdfunded startup company that Samsung acquired in February 2015 for an estimated $300m, one of the largest acquisitions made by the firm.

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3.

On phones, the Samsung Pay menu is launched by swiping from the bottom of the screen.

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4.

In South Korea, Samsung Pay can be used for online payments and to withdraw money on selected banks' ATMs.

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5.

In Hong Kong, Samsung Pay can be linked with Octopus cards, called Smart Octopus, to make electronic payments with stored value service for payments in online or offline systems.

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6.

In May 2020, Samsung Pay unveiled Samsung Money by SoFi, a mobile-first money management experience that makes available a cash management account and accompanying Mastercard debit card via the Samsung Pay app, in partnership with fintech company SoFi.

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7.

In June 2022, Samsung Pay was renamed to Samsung Wallet in the US, UK, France, Germany, Italy, and Spain.

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8.

Samsung Pay designed a handheld device that could be used to skim magnetic secure transmission tokens, and another which could spoof magnetic stripes on actual card readers using the token.

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9.

Samsung Pay responded to the report, stating that "If at any time there is a potential vulnerability, we will act promptly to investigate and resolve the issue".

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10.

From September 2021, Samsung Pay Mini was made available for Galaxy A and Galaxy M series.

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