If you have configured Samsung Pay on your smartphone and it becomes lost or is stolen, your payment information remains protected by the security features you enabled during the setup of the mobile payments app.
Still, it is better not to offer criminals unfettered access to your device to try to break in and steal any sensitive information you may have stored on it. To this end, Samsung includes the ability to wipe your phone from the Find My Mobile feature in its website.
Samsung Pay is a payments application for supported devices which recently launched in South Africa and is available to Absa and Standard Bank clients.
What sets it apart from similar mobile payment apps is that it doesn’t require special equipment, or for credit card terminals to support near field communications technology (NFC) which enables contactless “tap-and-go” payments in normal chip cards.
While Samsung Pay does support NFC, it also supports magnetic secure transmission (MST) which mimics the swipe of a card through the payment machine.
The MST technology in Samsung Pay effectively allows supported smartphones to use magnetic fields to turn card machines which may only have magnetic stripe readers into tap-to-pay terminals.
A big concern with respect to any form of card payments, especially those conducted wirelessly, is security, and Samsung has gone to great lengths to ensure that your card information remains safe at all times.
When you set up Samsung Pay for the first time, you will be required to configure a PIN or password, and have the option to set up biometric authentication for convenience in the form of a fingerprint or iris scan.
Samsung Pay also does not transmit your actual card information to the payment terminal when making a payment. Instead it uses special tokens which it generates with your bank and card provider such as Visa and Mastercard.
This not only ensures that your card information can’t be intercepted by a rogue card machine, it also enables the ability to make payments with your smartphone while offline. When you go online, the tokens stored on your device are refreshed for another round of payments.
Finally, Samsung lets you remotely wipe your phone in the event that it is stolen, or lost and can’t be recovered.
The feature may be accessed on just about any device with a web browser, and is demonstrated in the video below.