Samsung Electronics has launched its mobile payment service Samsung Pay in Russia, just a few days after celebrating its very first anniversary.
Initially, the service will be supported by Alfa-Bank Banking Group, VTB24, MTS Bank, Raiffeisen Bank, and Russian Standard Banks in the country.
The service allows users to pay using their compatible Samsung smartphones at terminals. Featuring both MST (Magnetic Secure Transmission) and NFC (Near Field Communications) technologies, Samsung Pay is also equipped with three different security levels, including fingerprint identification; tokenisation to encrypt card credentials; and mobile security platform Samsung KNOX.
The service now operates in nine countries – South Korea, US, China, Spain, Singapore, Australia, Puerto Rico, Brazil and Russia.
Samsung Electronics has also plans to introduce Samsung Pay in additional markets, including UK, Malaysia, Canada, Hong Kong and Thailand by the end of this year.