Samsung Pay is Official & May Be the Mobile Payment Platform We've All Been Waiting For

The race for mobile payments is heating up, and with Apple Pay and Google Wallet well underway, Samsung is finally joining the fray with its own system, aptly named Samsung Pay. Much like its competition, Samsung Pay will utilize NFC technology where NFC terminals are available, however, it may have a secret weapon that may revolutionize how we see ourselves using mobile payments. With Samsung having acquired LoopPay, the Galaxy S6 and S6 Edge will both feature Magnetic Secure Transmission (MST) technology, which will allow its flagship phones to digitally replicate a traditional, magnetic card, usable at retailers that already take them. So your credit cards, gift cards and more can be transferred to your phone, almost truly replacing your wallet. Samsung will be relying on KNOX, ARM TrustZone technology, tokenizing your credit card numbers, and fingerprint technology for utmost security. Samsung is partnering with MasterCard, Visa, American Express, Bank of America, Citi, JPMorgan Chase, and US Bank to offer this service, which will launch this summer.