There is a severe battle going on in the mobile payment industry between tech giants like apple, Samsung and google. apple pay is the leader in terms of number of users and popularity but Samsung pay is making innovations that is rivalled by none. The latest news is that this mobile payment system could soon support phone to phone payments.
Here’s how
Any payment will need the value added network(VAN) due to direct connection from the payment company to be processed. But the new system will have the ability to bypass this VAN. This was developed by the hankook NFC. The need for special hardware and service plan has also been eliminated allowing Samsung and Samsung pay to make a payment to another phone that is running Samsung pay app.
Hankook said in a statement
“If Samsung Electronics expands the application of the NFC payment module, smartphones with Samsung Pay can be used as mobile payment devices. Accordingly, it is possible to not only transfer money between smartphones but also pay with credit cards.”
The hankook module will be the key for making the transfer that will allow the money to get transferred between the phone and payment is processed from a credit card. This method would help the temporary business immensely. Taking advantage of this system is the credits card that widely used or accepted everywhere.
I envision a future where your smartphone will replace everything that it possibly can. According to me, the mobile payment industry will make the wallet a thing of the past and Samsung pay is leading the way.
