Samsung Smartwatch Likely To Support Payments Via Samsung Pay
Samsung's next version of Samsung Gear is likely to support mobile payments through their recently announced service called 'Samsung Pay'. The report from South Korea newspapers hints at Samsung planning to include NFC (Near Field Communication) technology in their smartwatches; likely to be announced later this year. All you will have to do is bring your smartwatch nearer to the NFC enabled PoS machine at the store and your payment will be through.
Samsung announced the Samsung Pay service back in March for the US and Korea. The service is likely to expand to other countries after the official launch with their select banking and credit card partners like MasterCard and Visa.
The bigger problem, Samsung acknowledged at the time of launch of Samsung Pay was about the global adoption of the NFC technology. Samsung said that they are fixing that problem with the inclusion of new technology called <a href="https://www.crazyengineers.com/threads/google-pay-transaction-fee-is-0-00-for-apple-pay-0-15.81054">Google Pay Transaction Fee Is $0.00; For Apple Pay: 0.15%</a> (Magnetic Secure Transmission). The MST technology allows Samsung Pay to work even with the non-NFC PoS machines (the regular card swiping machines). It's not clear whether the MST technology will make it to the Samsung Smartwatches.
The mobile-based payment wars are eminent in the industry. Similar payment services were announced by Apple (Apple Pay) and Google (Google Pay). While Apple will charge 0.15% on the overall transaction value, Google and Samsung have confirmed that there won't be any transaction fee for their services.
We do not have any information on whether Samsung Pay on Smartwatches will work independently or need the watch to be paired with your smartphone. We are keeping eye on the developments. Stay tuned.
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Samsung announced the Samsung Pay service back in March for the US and Korea. The service is likely to expand to other countries after the official launch with their select banking and credit card partners like MasterCard and Visa.
The bigger problem, Samsung acknowledged at the time of launch of Samsung Pay was about the global adoption of the NFC technology. Samsung said that they are fixing that problem with the inclusion of new technology called <a href="https://www.crazyengineers.com/threads/google-pay-transaction-fee-is-0-00-for-apple-pay-0-15.81054">Google Pay Transaction Fee Is $0.00; For Apple Pay: 0.15%</a> (Magnetic Secure Transmission). The MST technology allows Samsung Pay to work even with the non-NFC PoS machines (the regular card swiping machines). It's not clear whether the MST technology will make it to the Samsung Smartwatches.
The mobile-based payment wars are eminent in the industry. Similar payment services were announced by Apple (Apple Pay) and Google (Google Pay). While Apple will charge 0.15% on the overall transaction value, Google and Samsung have confirmed that there won't be any transaction fee for their services.
We do not have any information on whether Samsung Pay on Smartwatches will work independently or need the watch to be paired with your smartphone. We are keeping eye on the developments. Stay tuned.
Source: #-Link-Snipped-#
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