Mobile payments have really taken off with the launch of Apple Pay in the UK recently. Now it’s Samsung’s turn, with the launch of Samsung Pay. Originally announced alongside the Galaxy S6 and Galaxy S6 Edge, Samsung Pay is due to come to the UK in 2016 alongside the new Galaxy S7 and S7 Edge.
The company revealed that the product has picked up 5 million registered users and processed over $500
million in transactions in the first six months since its launch in South Korea and the US.
As with Apple Pay, Samsung Pay works by storing a digital copy of your credit or debit card on your phone. It doesn’t store the actual credit card details, but a secure digital token. Payments all create a unique transaction token, which means that your cards can’t be cloned or stolen, as with a physical card.