Samsung has the most interesting mobile payment service, the Samsung pay. This is a service that tricks any credit card terminal into thinking that a card is being swiped and makes a financial transaction.
To protect your finances, Samsung only allows a transaction to takes place if your fingerprint authenticates the system. This magic has been possible with magnetic stripe technology that Samsung fitted into its phones. This service will replace your wallet.
Samsung has previously stated that it intends to bring Samsung pay mobile payment service to more number of devices and as the fingerprint tech spreads to mid-ranged and low cost devices, it will enable these phones to use the Samsung pay service.
now the latest reports are coming in that, a Samsung executive has stated that Samsung wants Samsung pay to evolve into a service that is similar to PayPal and to make this service widely useful, it will enable the OEM of android to make use of this service.
it is yet unclear how Samsung plans to authenticate the payment and the amount it will charge for the transaction to takes place.
This contactless payment system has been widely successful in the south Korea and united states with more number of customers signing up for the service. Samsung has also stated that it has crosses $88 million in transactions from this service.
A bright spot for Samsung in its smartphone division.
