Payments have become available through smartphones for some time now, and Samsung seems to be wanting to enter this field. However, what troubles the company the most about its mobile payment system, is the reliability and safeness of Samsung Pay.
Also, our guess is that the company is putting some serious effort into entering the mobile payment system field dynamically and gain some ground quick, since there is truly intense competition going on, from the sides of Apple and Google. More specifically, Apple announced at WWDC 2015 new credit card and retail partners, four times growth since launch of the Apple Pay service and the renaming of its iOS Passbook app to Wallet, while Google on the other hand introduced the Android Pay, a new mobile payment platform that supports Google Wallet and will run on seven out of 10 existing Android devices.
Given all the above and according to information given by the Android Headlines, which mention that the Samsung Pay does not seem to be working as well as expected, Samsung decided to run a series of tests in South Korea. In fact at present, the company is running tests with eight domestic card companies in order to smooth out kinks within the system.
Samsung Pay’s goal it to become fully operational until this September, when the IFA exhibition will take place. There we also expect to see the presentation of the new Samsung Galaxy Note 5, which will obviously support the said contactless payment system.
Samsung’s plan is for the system to be able to function flawlessly under any circumstances, with no errors or incompatibilities. Samsung Pay draws data from your credit card in o mobile phone, thus creating a magnetic field, similar to the magnetic tape of a credit card. Then, the magnetic field created by the smartphone is used to activate a Credit Authorization Terminal (CAT).
For the use of this service, a recognition of the user using fingerprints is required. That way it is ensured that no other person will be able to make transactions with the phone that supports the Samsung Pay service, even if that phone has been stolen.
Now as for the competition, we expect to see what Samsung will come up with, to keep up with the other two major companies (Apple and Google). “The new service will likely be deployed on its next Galaxy Note device,” said Claire Kim, a Seoul-based analyst at Daishin Securities Co. “The key is how fast Samsung will be able to expand the service to lower-end devices.” Truly, it is important for the company to make the Samsung Pay available to lower end devices as most of the customers use those and not the latest models, such as the Galaxy S6 or the Galaxy Note 4.
So we do expect to see the service running in September and more importantly, we expect to see what other special features the company will come up with in order to keep its ground. We’re only two months away. Until then, keep tuned to read all the latest news about this and many other hot topics!