Aug 07, 2015 12:30 AM EDT
There have been moves to create new payment platforms in the past decade, and when Apple jumped into the fray, Samsung made sure it wasn’t far behind. This week, Samsung is in talks with European banks to launch its payment service in Europe.
The system, which has already rolled out in South Korea on a trial basis, seems to have an edge over the competing Apple Pay: Samsung Pay will make use of any type of payment terminal with a credit card stripe reader and NFC (Near-Field Communication) functionalities. On the other hand, Apple Pay requires special NFC pads.
Samsung purchased LoopPay, technology that allows multiple credit cards to be stored and accessed from a smartphone. It allows the use of any credit card with most available credit card terminals. While store operators and staff might find the technology too novel for comfort, tech analysts who have tested the attachment have attested that it actually works. In the past, LoopPay’s technology involved using the whole credit card number and other details. Recent developments showed that Samsung Pay will adapt a token system for its payments, which protects the user’s credit card information.
Samsung Pay was slated to launch summertime in the US, with partnerships with U.S. Bank, JPMorgan Chase, Citi, Bank of America, American Express, among others. The original schedule, as reported by TechCrunch, was that the US launch of Samsung Pay would have been scheduled around the same time as the South Korean launch. Then, Europe and China will follow. However, this change in schedule might imply that the delays could be due to infrastructure upgrades or negotiation delays. In any case, if the recent reports are reliable, consumers will see Samsung Pay rolling out in Europe next.
These new payment options will certainly bring more ease to the smartphone user who is keen on using more electronic methods of paying for purchases.
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