About
Samsung Pay is the payment function of Samsung Electronics' smartphone wallet, now branded Samsung Wallet. The user stores a card in the app and holds the phone to the terminal. Launched in South Korea in 2015, it was the first mobile payment service to combine NFC with Magnetic Secure Transmission (MST), which ordinary magnetic-stripe readers accept, so it works without a contactless terminal. As of 2023 in Korea it supported cards from eight major issuers and was accepted at about 3 million merchant locations, with cumulative payments reaching 219 trillion won by February 2023. In January 2023 Samsung said Samsung Wallet would be available in 29 markets.
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