Samsung has set a date, September 28th, for the U.S. launch of its new mobile payments service, and unveiled new phones aimed at winning back customers. Bobbi Rebell reports.
Another player is getting into the mobile payment space. Samsung announcing plans to launch a new service in the U.S. on September 28th going up against Apple and Google. Samsung Pay allows users to make payments by sending signals from the phone to a wide range of magnetic stripe card readers. It uses a different technology than Apple and Google called MST, which could be an advantage over rivals because retailers don't have to install compatible equipment. Mashable's Lance Ulanoff: SOUNDBITE: LANCE ULANOFF, EDITOR-AT-LARGE, MASHABLE (ENGLISH) SAYING: "You can put the phone near any magnetic strip reader and use the finger print sensor. So it's sort of this multiple authentication system and pay. They tokenized the credit cards just the same way as Apple pay does." Still Ulanoff says there is huge growth potential in mobile payments, and room for multiple platforms to succeed. According to Forrester Research, mobile payments will almost triple from about $50 billion in 2014 to more than $140 billion by 2019. Samsung also trying to re-ignite is handset business-- showing off a new Galaxy Note phablet and a larger version of its curved-screen S6 edge smartphone. Even though Samsung is still the world's top handset maker- it's market share fell last quarter- squeezed between the upscale iPhones and the cheaper offerings from Chinese rivals.