This particular idea could need some getting used to -- Samsung’s very own mobile payment system functioning in other handsets not branded with the South Korean phone maker’s name. But this idea could be brought to life soon. According to a report recently published by Gadgets 360, the world’s biggest seller of smartphone devices is apparently planning to bring its contactless mode of payment to other phones.
Samsung Pay already has an advantage over its chief rivals, namely Apple Pay and Android Pay, by virtue of its ability to work with virtually any credit card terminal as well as the flexibility to also be compatible with mobile payments that make full use of near field communications (NFC) technology. If it does land in other phone makers’ devices, it could significantly increase its usage and adoption rate.
Ever since Samsung launched its own mobile payment system, so far the service has been working on Samsung made handsets only. Once a feature on high end Samsung devices such as the Galaxy S series or the Galaxy Note lineup of phablets, the South Korean tech giant has also made sure to extend Samsung Pay to the budget friendly Galaxy J smartphones, specifically by way of the launch of Samsung Pay Mini, basically a simplified version of the original.
It goes without saying that if Samsung does decide to allow Samsung Pay to be used by other smartphone devices, it could definitely improve the brand’s share of the mobile payments market around the world. According to recent estimates, the worldwide mobile payments market is worth approximately $780 billion, and millions of consumers across the globe already starting to take full advantage of contactless modes of payment when purchasing products and services.
Still, making Samsung Pay work in non-Samsung mobile devices will be easier said than done. For starters, phone makers who agree to provide support for Samsung’s mobile payment system will need to manufacture their compatible devices with magnetic secure transmission (MST) tech. The good news is that a lot of existing handsets already support this piece of technology.
Some may remember that back in April earlier this year, Juniper Research had released a report describing recent trends in the area of mobile payments. According to the research firm’s estimation, 34 million users in the planet are already utilizing Samsung Pay. While that 34 million still can not hold up against the 86 million users accumulated by Apple Pay, it is a pretty comfortable lead against the 24 million users collected by Android Pay. Now just imagine Samsung Pay’s numbers if other devices have it, too.
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