Samsung enters mobile payments race with new, widely accepted technology.

Samsung, as of Monday, Sept. 28, 2015, has launched it’s new Samsung Pay technology within the U.S. This debut comes only weeks after Android Pay was launched and approximately one year after the introduction of Apple Pay, but Samsung is confident that its new technology offers something special, and that this program will encounter greater success than the two previously mentioned payment methods.

According to a report from PYMNTS, Samsung Pay has taken a different approach to making mobile payments, and this approach is currently compatible with most existing and new payment terminals. This means that the majority of retailers would not need to update their POS systems in order to accommodate Samsung Pay Users. Most magnetic stripe, EMV and NFC terminals are already compatible with this new software.

In order for a customer to utilize Samsung Pay he must have one of the newest Samsung Smartphones, including the Galaxy S6, S6 Edge, Note 5 and S6 Edge+, and it must operate on either AT&T, T-Mobile, Sprint or U.S. Cellular networks in the U.S. In addition to the technological requirements, consumers must use a participating MasterCard, Visa or American Express card issued by Bank of America, Citi, American Express or U.S. Bank.