Samsung might be losing its title as the world’s largest smartphone maker to Apple, but the company isn’t going down without a fight.
The South Korean company unveiled Samsung Pay—the company’s answer to Apple’s mobile payments system, Apple Pay—at this year’s Mobile World Congress in Barcelona on Sunday. Samsung Pay will be “compatible with more locations than any competing offering in a single application,” and protected by Samsung KNOX (Samsung’s mobile enterprise security systems), fingerprint scanning and advanced tokenization, the company said.
Samsung Pay’s high compatibility is made possible by its use of magnetic secure transmission (MST), a technology that allows Samsung Pay to work with even older credit card readers. So far only Samsung uses the MST technology, thanks to its acquisition of the mobile payments startup LoopPay last month. Like Apple Pay, Samsung will also employ near-field communication (NFC), which allows contactless payments at pay terminals.
Samsung Pay will launch on the Galaxy S6 and the Galaxy S6 Edge in the U.S. during the second half of 2015.
PHOTOS: The Rise of Mobile Phones from 1916 to Today
1916 A German field telephone station in the Aisne department of northern France during World War I.Paul Thompson—FPG/Getty Images1970
French singer and actor Johnny Hallyday in a scene from the film 'Point de Chute' (aka 'Falling Point').Keystone/Holton/Getty Images1980
An early mobile phone during the Iranian Embassy siege at Princes Gate in South Kensington, London.Kypros/Getty Images1983
Bob Maxwell, general manager of Englewood-based Mobile Telephone of Colorado, places a call on an FCC-approved radio frequency while driving to work.Lyn Alweis—Denver Post/Getty Images1986
THE A-TEAM "The Say U.N.C.L.E. Affair" Episode 5. (l-r) Eddie Velez as Frankie Santana, Robert Vaughn as General Hunt Stockwell, George Peppard as John 'Hannibal' Smith.Bill Dow—NBC/Getty Images1992
Democratic presidential nominee Bill Clinton talks on a cell phone while meeting with Boston Mayor Ray Flynn in a New York hotel on Sept. 25.Mark Lennihan—AP1993
Whoopi Goldberg during ShoWest in Las Vegas.Jeff Kravitz—FilmMagic/Getty Images1997
A farmer with his family sitting on a Bullock Cart and talking on a mobile Phone, in Delhi.India Today Group/Getty Images2001
A woman watches smoke pour out of the World Trade Center Towers in New York on September 11.Nicholas Goldberg—Gamma-Rapho/Getty Images2011
A rebel militiaman speaks on his mobile phone after capturing territory from government troops on March 25 in Ben Jawat, Libya. John Moore—Getty Images2011
A youth films the aftermath of tear gas police fired at protestors in Muhammed Mahmoud Street near Tahrir Square on November 23 in Cairo.Peter Macdiarmid—Getty Images2012
Audience members take pictures of President Barack Obama at Florida Atlantic University on April 10 in Boca Raton, Florida. Marc Serota—Getty Images2014
A teenager takes a selfie in front of Queen Elizabeth II during a walk around St. Georges Market in Belfast. The Queen has apparently voiced her dismay that when she carries out engagements she is greeted by a sea of mobile phones.Peter Macdiarmid—PA Wire/Press Association Images/AP
