Samsung Electronics is finally bringing its highly publicized Samsung Pay to Southeast Asia, and Singapore has been chosen to be the first recipient. This follows up on the service’s successful rollouts in South Korea, China, and the United States, as well as the demand from Singaporeans themselves.
In fact, 71 percent of Samsung users in Singapore have shown interest in using the mobile payment system, according to a recent study commissioned by Samsung. This shouldn’t come as a surprise, since Samsung Pay has been proven to be highly secure and easy to adapt for all sorts of merchants.
What makes Samsung Pay such a strong contender early on in the mobile payment race is its broad acceptance in retail stores. Using MST (Magnetic Secure Transmission), the payment system is compatible with any machine that accepts credit and debit cards. And once NFC (Near Field Communication) becomes more common at cashiers, Samsung Pay will ace that, too.
As for security, users have to go through three layers of security before making a purchase: fingerprint authentication; tokenization; and the Samsung KNOX software (which safeguards your Samsung device from sketchy activities). All three work together to maintain an encrypted digital token that’ll only function with your fingerprint or PIN.
To ensure a smooth launch, Samsung Pay has been “strategically expanding its partnership system” across Singapore. The results of these efforts already show, thanks to the established cooperation with American Express, MasterCard, and Visa, plus major banks including DBS/POSB, OCBC Bank, and Standard Chartered.
Keep in mind, however, that you’ll need a high-end Samsung Galaxy smartphone to make use of the service. According to Samsung Singapore, only 4G+ variants of the Samsung Galaxy Note 5, Galaxy S6 edge+, Galaxy S7, and S7 edge are on the initial compatibility list at launch in Q2 2016.