Samsung Exec Appears To Confirm Galaxy Note 5 On Track For September Release.


Samsung Pay / Credit: Samsung
Samsung Pay / Credit: Samsung.
Every year at the IFA tradeshow since 2011, Samsung announces the new generation of Samsung Galaxy Note devices. This September, Samsung is expected to unveil the Galaxy Note 5.
In fact, a Samsung executive on an investor call inadvertently confirmed that the Galaxy Note 5 is on track to be unveiled this September.
Samsung executive vice president Rhee In Jong said the Samsung Pay mobile payments service will be integrated in the company’s next high-end mobile device, according to Bloomberg. Last month, Korean blog Whowired claimed that Samsung was going to release the Galaxy Note 5 in late July to get ahead of the “iPhone 6S.” Jong ended up debunking that rumor during the investor call. Jong did not specifically name the Galaxy Note 5 during the investor call, but the high-end mobile device being referred to is quite obvious. Samsung Pay was originally supposed to launch in the Samsung Galaxy S6 and Galaxy S6 Edge in July.
Samsung Pay was announced in March during the Galaxy S6 and Galaxy S6 Edge event. “Samsung Pay will reinvent how people pay for goods and services and transform how they use their smartphones,” said Samsung’s CEO and Head of IT & Mobile Communications Division JK Shin during the unveiling.
Samsung Pay competes against services like Apple Pay, Google’s Android Pay and PayPal. MasterCard and Visa both partnered with Samsung on the Samsung Pay service. Apple launched Apple Pay last year, which is used by over 2,500 banks and credit unions. And Google announced Android Pay at the Google I/O conference last week.

To build Samsung Pay, Samsung acquired LoopPay in February. LoopPay’s technology enables retailers to accept payments through smartphones. The advantage that LoopPay has over other mobile payments services is that it supports Magnetic Secure Transmission (MST). MST can read the information stored on the magnetic strips of credit cards. About 90% of retailers utilize swiping terminals so that means Samsung Pay can be used at millions of retail stores.
The mobile payment market is expected to hit about $67 billion this year and $142 billion by 2019, according to Forrester Research. As the market grows, Samsung Pay will likely play a major role.

forbes.

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