With mobile NFC enabled payment mode, swiping will soon be thing of past
It’s hardly been few months that Apple has come out with the revolution in the payment mode-the Apple Pay and it is soon likely to have tough competition. The modes of cash or plastic currency payments is soon to be wiped off as alike all things even the paying activity is going automated. Apple introduced its latest iPhone series the iPhone 6 and iPhone 6 plus which includes Apple Pay the NFC (Near Field Communication) enabled payment facility which is cutting down the usual lengthy Q’s and deleting a lot of complications in paying the bills. It is mainly experienced as a quick methodology of getting back the receipts especially in crowded situations. Hence, the technology was sure on the watch radar of many tech companies and the Korean company predictably has risen as the first competitor for Apple.
Samsung launched its latest offering the Samsung Pay with the smartphone models Samsung Galaxy S6 and S6 Edge. Both these models are believed to run the payment application which by the company’s experts is termed to be less complicated than Apple Pay and the Google Wallet.
Samsung Pay uses MST(Magnetic Secure Transmission) in addition to NFC, making it superior than Apple Pay.
Presently, very few smartphones have the mobile payment enabled feature, thus the industry is a massive potential which is yet to be conquered by a single brand name. Samsung Pay is said to be using the standard tokenization system, this is just the chip utilized on the credit cards which will now be used through the devices. Though the NFC technology is identical to Apple Pay the competitor is said to have done a little extra homework that gives it a cutting upper edge.
One Difference-Can it be the Game-changer?
It cannot be a default that Samsung purchased LoopPay the mobile payment company just a few months ago. The tech giant using the mobile payment company’s expertise has included the technology in Galaxy S6 and Galaxy S6 Edge. In case of a contactless payment activity the wire built in the back panel on the headset. This wire when placed near magstripe head pushes a transaction that imitates a swipe just like a card.
This alternative of trouble-shooting is not included in Apple Pay or Google Wallet which can run in favor of Samsung Pay.
Whatever be the scenario; one thing’s sure-the trends of mobile paying has set in and is ought to become mainstream within the coming few years.