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How Secure is Samsung Pay: What You Need To Know
If you own a Samsung smartphone and you’re yet to make use of Samsung Pay, we’re here to let you know exactly what you’re missing out on.
Contactless payments were innovative for a brief period of time but are now commonplace. Our anticipation of a retailer accepting it quickly gave way to despair if they did not. “But this is my card – and who carries cash anymore?”.
We no longer need a wallet most of the time thanks to contactless smartphone payments made possible by Samsung Pay, Apple Pay, and Google Pay. However, many individuals are worried about the security concerns that have arisen as a result of the development of these new payment methods.
It’s not like the companies that are implementing these new payment technologies are small unproven firms – they’re actually some of the biggest corporations on the planet – but that does not equal “bulletproof”.
What dangers are present, and how is Samsung Pay able to protect us from them?
What Is Samsung Pay?
Similarly to the likes of Apple Pay, you are able to use your smartphone to make purchases at a wide variety of retail places all around the world if you have Samsung Pay.
Samsung Pay makes use of near-field communication (NFC) technology to transmit the information stored on a credit or debit card to a payment terminal that also supports NFC. This works in a manner that is analogous to how an NFC-enabled card would perform its functions.
However, due to the technology known as Magnetic Secure Transmission (MST), Samsung Pay is also compatible with traditional payment terminals and card readers.
As well as debit and credit cards, various other cards and passes can be kept within Samsung Pay, too, such as store loyalty cards, flight boarding passes, cinema tickets and Covid vaccination cards.
NFC payments have helped establish a means for us to no longer need to take our wallets everywhere with us, which is quite helpful in a world where it is absolutely necessary to keep your phone with you at all times.
Is Samsung Pay Safe?
Tokenization, a Secure Environment, and Samsung Knox are just a few of the security technologies that protect transactions made with Samsung Pay. Your actual credit card information is replaced with a device-specific “Token” using tokenization, ensuring that it is not kept anywhere on your device.
Your smartphone has a chip known as a Secure Environment, which prevents unauthorised access to extremely sensitive information such as your fingerprint and financial details.
After that, Samsung Knox will check your smartphone to determine whether it is safe. If it believes the device has been infiltrated in any way, it has the ability to deactivate it permanently.
After that, each purchase will need verification using either your fingerprint or a 4-digit personal identification number (PIN).
Does Samsung Pay Save Your Bank Details?
When you connect a credit or debit card to Samsung Pay, the data is encrypted and transferred to Samsung servers before being approved by the payment network of the card issuer.
The card issuer could ask you for a one-time password (OTP) to prove you are the cardholder. This will stop your card from being fraudulently added to Samsung Pay if it is ever lost or stolen.
Every time you add a payment card, this procedure is repeated. Even if you try to add a card that was just deleted, a new token will be created.
The payment details entered into Samsung Pay are not kept by Samsung, nor does it even have access to them. To assist you in managing your cards, Samsung Pay will show the last four digits of the card number on the card picture.
Does Samsung Pay Have A Contactless Limit?
Because the payment limit is determined not by Samsung but rather by the bank or the merchant, it varies from area to region and does not have a predetermined maximum of £100 per transaction as contactless cards do.
In general, however, you will not be bound to a certain amount in most regions, just as you are not restricted to a limit when using Apple Pay.
How To Set Up Samsung Pay
You must have a compatible Samsung phone with NFC or MST communications technology for contactless payments in order to use Samsung Pay. A credit, debit, or gift card from a bank or other financial institution that is supported is also required.
You must configure a PIN, fingerprint scan, or face scan in order to validate purchases made on your phone. You also need a Samsung account. Although we’ll concentrate on using Samsung Pay on a phone in this article, it also works on Samsung wearables.
When you first set up your phone, you should have already registered and logged in to a Samsung account. Otherwise, go to the Samsung account page and choose the Create account option. Sign in with that account on your phone when Samsung asks you to.
The Samsung Pay app should then already be installed on your phone. If not, get it from Google Play and install it. When you launch the app, the first screen should display your Samsung account name. Tap Get going. For Samsung Pay to validate your payments, enter a four-digit PIN and then confirm it.
The home screen will then appear. Add a credit or debit card to be used for payments as your first assignment. At the top of the screen, tap the Credit/Debit button.
Select the Add credit/debit card option on the next screen, then either enter your payment details manually or use the capture feature to take a picture of your card.
Once your card has been set up, you will be able to make payments from that card using Samsung Pay.