What is Samsung Pay and how does it work?

Samsung Pay is a mobile payment service that allows users to make secure and convenient payments using their Samsung devices. It works by utilizing Near Field Communication (NFC) to enable contactless transactions, as well as Magnetic Secure Transmission (MST) technology for payment at traditional magnetic stripe card readers. By securely storing credit, debit, and loyalty card information, users can make payments by simply tapping their Samsung device on a compatible payment terminal. Samsung Pay offers wider acceptance by being compatible with both NFC and MST terminals, making it more versatile compared to other mobile payment systems. Additionally, it provides enhanced security features such as tokenization and fingerprint authentication to protect sensitive payment information. With Samsung Pay, users can enjoy a hassle-free and secure way of making payments both online and in-store.