I expect there will be more such announcements just around the corner.
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A US appeals court will not reconsider an earlier decision finding that Samsung violated Apple patents.
“Samsung launching into competition with Apple Pay demonstrates how two of the largest tech leaders in the world are putting mobile payment as a major priority”, he said. This is more of an ecosystem play and how do we make it really big with Samsung as the very first handset to implement this solution.
However, there’s one small catch to all this.
At the New York press conference today, Samsung has announced the release of its mobile payment system named Samsung Pay in USA on September 28th. You may have heard of MST before but assumed it’s what you get from a dirty motel room. All of the latest Samsung devices – the Note 5, S6 Edge Plus, S6 Edge and the original S6 – are equipped with the sensor. Samsung is also planning to launch its mobile payment system in U.K, China, and Spain later. But Samsung’s making a couple of small tweaks it thinks can change the experience-and most importantly, it actually seems to understand the limitations of the mobile wallet. The company says it uses tokenization to protect credit card numbers, a technique that means the users card number is never shared with the retailer.
Although taking out plastic isn’t hard, using the phone is more convenient if you already have it out – say, to check Facebook while waiting in line.
Despite promises of wide acceptance with the magnetic technology, Samsung Pay won’t be universal.
Because Apple Pay and Android Pay require NFC payment equipment, there’s a good chance it won’t work where you’re trying to buy something. To do so you swipe up from the bottom bezel of the phone. From here, you unlock your phone with your fingerprint and choose the payment method. But it’s less powerful in that it doesn’t absorb loyalty cards like Apple’s Passbook. The service can be activated from the home screen or even if the screen is off. A trial service began in South Korea last month and we also learned that it will come to Europe with extended partnership with MasterCard.
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Despite all of the promises of mobile payments being our future, the market is timid right now while the companies behind different solutions prepare for their large-scale roll outs.
