The service enables users to make contactless payments using Samsung smartphones at numerous sales points worldwide where bank cards are accepted. The option will also be available at sales points that don’t support NFC technology, according to Telecompaper.
Samsung Pay is based on Samsung MST (Magnetic Secure Transmission) technology that enables the phone to issue a signal analogue to the signal issued by the magnetic stripe of a bank card and to transfer encrypted data to a payment terminal. Authorisation will be carried out via fingerprint authentication or personal password.
In the first stage of the roll out, the payment service will work in Russia over the Samsung Galaxy S7, Galaxy S7 edge, Galaxy S6 edge+, Galaxy Note 5, Galaxy A5 and Galaxy A7 smartphones. In the fourth quarter of 2016, the service will become available on all Samsung smartphones supporting the service.
MTS Bank is a banking business operating in Russia, offering a full range of financial services to individual and corporate clients. The Bank holds a strong position among Russias largest banks, being a systemically important operator in the payment transfer, lending and savings market.
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