Mobile payments have expanded considerably within the past few years and have paved the way for mobile wallets. Mobile wallets are a great solution for consumers who are on the go and prefer to use alternative forms of payment beyond cash or credit card. Samsung Pay has become one of the leading mobile wallets within the payments industry and has stood out amongst its competitors.
Here is an informative Q&A on the key points of Samsung Pay and how it differentiates from other mobile wallets:
Q: What is Samsung Pay?
A: Samsung Pay was released in September of 2015 and is compatible with certain Samsung devices. Currently, it is available on the Samsung Galaxy S6 Edge+, Samsung Galaxy S6 Edge, Samsung Galaxy S6, Samsung Galaxy S6 Active, and the Samsung Galaxy Note5.
Q: How do you make a payment with Samsung Pay?
A: A consumer wanting to make a purchase will need to either swipe up from the home button on their Samsung device or choose the Samsung Pay app icon on their home screen. Next, they will secure the payment by entering in their PIN or scanning their fingerprint. The last step is holding their phone over the in-store terminal to finalize a payment.
Q: What technology enables Samsung Pay to work?
A: A form of technology called Near-Field Communication (NFC) enables the transaction for Samsung Pay. NFC functions as a segment of a wireless link and uses chips that are embedded within smartphones. Once initiated through another device that contains a chip, the smartphone transfers small quantities of data when near an in-store terminal.
Q: What keeps Samsung Pay secure?
A: Samsung Pay uses a tokenization process, which keeps the user’s financial information secure and safe. Tokenization keeps a user’s payment information separate and does not store or share it with merchants, allowing users to pay without worry. Instead of sending the user’s debit/credit card info, a one-time “token” is produced and sent to the merchants’ terminal, ultimately protecting the payment information throughout the transaction process.
If a user’s smartphone is lost or stolen, Samsung Pay has the ability to allow the user to wipe or erase their device completely for added security.
Q: What differentiates Samsung Pay from its competitors?
A: Samsung Pay has the competitive edge because it can be processed at contactless terminals with NFC technology or with magnetic secure transmission (MST) at traditional magnetic strip terminals. Because of this, Samsung Pay is accepted at both new and old terminals that use the magnetic strip, NFC, or EMV - estimating to be at 90 percent of retail locations worldwide.
Samsung Pay is a quick, easy, and secure mobile wallet that has grown in popularity and is continuing to become more pronounced in the payment industry. As consumers continue to phase out traditional forms of payment and replace them with digital based solutions, Samsung Pay will continue to gain momentum.
Looking to incorporate an NFC terminal for your business? Contact First American and begin accepting mobile wallets today!