In Hong Kong, Samsung Pay can be linked with Octopus cards, called Smart Octopus, to make electronic payments with stored value service for payments in online or offline systems. In Mainland China, Samsung Pay supports In-app payments, QR code payments ( Alipay, and WeChat Pay) and public transportation cards of Beijing, Shanghai, Guangzhou, Shenzhen, and other cities. In South Korea, Samsung Pay can be used for online payments and to withdraw money on selected banks' ATMs. Different credit, debit and loyalty cards can be loaded into the app, and selected by swiping between them on-screen. On phones, the Samsung Pay menu is launched by swiping from the bottom of the screen. LoopPay's developers stated that because of this design, the technology would work with "nearly 90%" of all point-of-sale units in the United States (which excludes terminals that require the card to be physically inserted into a slot in order to function). This is accomplished via a technology known as magnetic secure transmission (MST), which emulates the swipe of a permanent magnet strip past a reader by generating the near-field magnetic waveform directly. The service supports both NFC-based mobile payment systems (which are prioritized when support is detected), as well as those that only support magnetic stripes. Samsung Pay was developed from the intellectual property of LoopPay, a crowdfunded startup company that Samsung acquired in February 2015 for an estimated $300m, one of the largest acquisitions made by the firm. The service was launched in South Korea on August 20, 2015, and in the United States on September 28 of the same year. In India, it also supports bill payments. The service supports contactless payments using near-field communications (NFC), but also supports magnetic strip-only payment terminals by incorporating magnetic secure transmission (MST) in devices released before 2021. Samsung Pay (stylized as SΛMSUNG Pay) is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices. Selected Samsung Galaxy smartphones & Galaxy Watch smartwatches
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