Samsung launches its own payment system

South Korean electronics giant Samsung launches its own payment system Samsung Pay. This month, it will be presented in Korea, and on September 28 in the United States.

It is assumed that the corresponding application will work not only through the NFC system (wireless communication technology with a short range of up to 10 cm), but also in the usual mode of reading from the magnetic stripe of the card.

Taking this into account, Samsung Pay will be able to interact with Apple (AAPL, Tech30), with Google and with Android Pay using NFC technology. In addition, the application will be able to create a barcode that can be read if the card reader function is not working.

As the developers of Samsung Pay assure, the technology can be used for the majority of traditional banking operations, which will allow in the near future to completely abandon plastic cards. An exception is payment at some gas stations, where it is required to insert a card into a reader.