In the modern technological era, everything seems to be connected to our phones. Methods of contacting others, taking photos, hell!! Even watching movies is being done on the tiny mobile screen. The latest thing to disappear from our like is the plastic cards you use for making payments. Yes, the mobile payment services are targeting your credit cards and leading them to extinction following suit of the landline phones, calculators, point and shoot cameras, pda and gps navigator.
Samsung pay is the mobile payment service that was first offered by Samsung in the Samsung galaxy s6 and s6 edge. It follows suit of apple who invented the apple pay to make financial transaction though the iPhone protected by the touch id that authenticates the transaction.
Samsung has said that the Samsung pay is proving to be a surprise hit in the payment service and is taking head-on the apple pay and android pay with unexpected pleasant results.
“Since its August 20 launch in South Korea, Samsung says the service is beating internal expectations by averaging 25,000 new users and more than $620,000 in transactions per day.” Samsung says.
This is just the start. To continue the growth of Samsung pay, Samsung need to get more number of user to use the Samsung pay and what better way than to introduce Samsung pay into mid end and low end phones that sell in hundreds of million handsets per year. Apple for comparison used NFC to make the payment and the retailers needs to install separate hardware to make the transaction possible which is a complicated process.
Samsung pay on the other hand works with the existing magnetic swipe machine making it easier for the retailers and the consumers alike. The mobile payment service is estimated to reach $1 trillion by 2017 and Samsung want a big pie in it.
I for example, try to avoid expensive flagships and often buy the mid ranged phones in India which are good and have most of the features of the flagships. In case the Samsung pay is made available in such product category, I will make use of the payment service as well the millions living in India.
