Samsung Pay Technology Brings Mobile Payment to Every Store
Charlotte Joyce Kidd — August 17, 2015 — Tech
The wallet of the future is here with Samsung Pay. Phone makers have long been fascinated with mobile payment technology but have struggled to implement it. One of the major problems with the mobile wallet is the limited number of stores that accept the modern payment system. Samsung estimates that customers will only truly adopt mobile wallets when the proportion of stores that can accept payment by phone reaches the 80 percent mark. With Samsung Pay, that goal is becoming a reality.
Samsung Pay projects a magnetic signal identical to those of tap-enabled credit cards. This means that any card reader that can accept tap cards will just as easily be able to accept Samsung Pay. Samsung Pay also features encryption and security features that represent significant developments from previous mobile wallet systems.
Samsung Pay may mean the advent of phones as customers' chosen method of payment, changing the face of shopping as we know it.
Samsung Pay projects a magnetic signal identical to those of tap-enabled credit cards. This means that any card reader that can accept tap cards will just as easily be able to accept Samsung Pay. Samsung Pay also features encryption and security features that represent significant developments from previous mobile wallet systems.
Samsung Pay may mean the advent of phones as customers' chosen method of payment, changing the face of shopping as we know it.
Trend Themes
1. Increased Mobile Payments - The rise of Samsung Pay and similar technologies is driving an increase in mobile payments and changing consumers' payment preferences.
2. Expansion of Tap Payment Acceptance - As more consumers use mobile payments like Samsung Pay, retailers are motivated to expand tap payment acceptance in their stores, creating opportunities for businesses in the payment technology industry.
3. Growing Importance of Security Features - As mobile payments become more prevalent, businesses in the payment technology industry will need to prioritize the development of robust security features to protect consumers' financial data.
Industry Implications
1. Mobile Payment Technology - Companies involved in mobile payment technology development will have opportunities to innovate and capture market share as demand for mobile payment options grows.
2. Retail - Retailers will need to stay up-to-date on payment technology advances like Samsung Pay to meet consumers' expectations and stay competitive in the marketplace.
3. Cybersecurity - As mobile payments become more popular, businesses in the cybersecurity industry will have opportunities to develop solutions that protect consumers' financial data from theft and fraud.
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