Apple and Samsung are included on the list of major corporations that are looking for endless ways to compete with each other. Recently, they have found another reason to draw battle lines, and that is the growing need for mobile payment features. First, there was Apple Pay, and now there is Samsung Pay. Anyone who owns a smartphone should know more about mobile payments and why companies are so interested in these features.
The Need for Mobile Pay
People are not relying solely on their online bank accounts or PayPal to send money electronically. They are relying more on sending money through their phones. Using the phone is fast, convenient, and you do not have to be in the presence of a laptop.
Companies have designed many apps that help people send and receive money. Users carry out money transactions on behalf of family members and associates found all over the world. Mobile businesspeople like the mobile payment feature because they never know when they will need it. Even regular businesspeople travel often and need this convenience without worrying about accessing a computer.
The Launch of Apple Pay
In October 2014, Apple launched Apple Pay, a tool that allows people to use their phones in order to pay various online and retail stores. On select Apple phones, they can make digital payments without the use of a credit card or check. To keep the system secure, users are expected to use passcodes.
The NFC chip receives wireless information from the point of sale terminals where the transaction is taking place. To pay, Apple users hold the phone at the terminal system and use their fingerprint to authorize the payment or click on a few buttons.
The Projected Launch of Samsung Pay
Samsung is expected to launch Samsung Pay, a tool with features that resemble those of Apple Pay along with a few differences. The NIC chip, also found in the Apple Pay tool, contains the user’s payment information in encrypted code.
Owners of the Samsung Galaxy S6 will be able to use a fingerprint sensor that authorizes the transactions of their digital money. In addition, Samsung Pay has magnetic secure transmission (MST) technology, which is found in credit cards that get swiped at stores.
FIDO, also known as Fast Identity Online, is a company that authenticates the services of companies that handle money transactions. Along with PayPal and Google Pay, Samsung has received the green light to develop their tool. Once launched, the product will be available for use in 30 million stores.
Every major online company and electronics manufacturer has jumped on the bandwagon of supporting mobile payment services. In addition to Google and Facebook, now Apple and Samsung have decided to make this tool available to users around the world. More consumers are realizing the importance of using their phones everywhere they go. They cannot afford to drag around laptops and tablets for the point of conducting business online. For those reasons, many mobile payment services are popping up to help the most avid consumers of technology. Learn more about the growing interest in Samsung Pay and its comparison with Apple pay here.