Mobile Payment is new emerging payment method. Smartphones are replacing almost everything. Now they set their targets on our wallets. Many big smartphone companies are rolling out their own payment methods. Market of mobo payment is on rise. So its time, we should know about it.
The one mobile payment system which is establishing itself differently is the Samsung Pay. They have something unique which its biggest rival Apple Pay and Android Pay don't have. In Indian television, now-a-days ads of Samsung Pay is on rise. If you have seen its ad, then you know how is it different. If you haven't then, check it out here.
Now you have seen it. Most of the mobile payment system use NFC (Near Field Communication) to perform transaction. Even Samsung Pay also uses it, but it also has one more technology in its arsenal. The Samsung uses one more tech. MST (Magnetic Secure Transmission). We all have our debit and credit cards. When we swipe our cards at point of sale machines, what makes our card recognize uniquely is the black strip in the back side of it. That black strip is a magnetic strip. It stores some data in it, which makes our cards unique. These swiping machines read this magnetic data and then transaction can take place. Samsung has done something similar.
MST is one of the useful innovation of these days. Samsung have made this technology exclusive to its top smartphones. They have put an metal coil inside them. When electric current passes through them, they create magnetic fields. With the help of these magnetic signal, swipe machines identify your cards and transaction can be done. Now the big question is how it is useful?
Apple Pay or others use NFC to perform these transactions. It also requires your swiping machines to be equipped with NFC chip. Well some new machines now-a-days are coming equipped with it, but most of them are not. This make these methods reliability quite low. You don't know where it gonna work. But Samsung Pay doesn't demand it. It is compatible with even older machines because it can also work by transmitting magnetic waves which is how older swiping machine interacts. You have to make sure that your bank supports Samsung Pay. This is still a new technology, so only some major banks have partnered with them. It will take time to reach its full potential. Well in case you are curious about security, then you don't have to. Samsung uses military grade security for these transactions.
Will it gonna be replace your wallet? No. Well even to replace only cash aspect of wallet, it will gonna take a lot of time. But wallet doesn't only carry your cash. It has your identity card, driving license etc. It is handy to have such a technology with us. In the future, we expect other mobile payment system also come out with this method. And If you have any doubt about online payments, you can clear it out here. If you like it, then share it with your friends, relatives and Thanks for tuning in.
Blogger Comment