Mobile payments have started growing in stature with the likes of Apple, Google, Wal-Mart, Alibaba as well as Samsung already in the industry.
However, one thing that we ought to accept is that Samsung Pay seems to be a little ahead of the pack thanks to the fact that it can be used to pay for stuff using some of the most standard card-swipe systems available today. This is getting even better as there is a new report that suggests the South Korean tech giant has much better plans for the mobile payment clientele.
Expanding the reach
According to the co-general manager of Samsung Pay, Thomas Ko, this service will be coming to a wider variety of Samsung smartphones as well as to online payments this coming year. Even though Ko was not clear on the specific date that this update will come in, at least, we are sure that it’s this coming year.
What Samsung is looking for is to ensure the service is available to as many people as possible and given that stats show the company’s budget phones are the best-selling, availing Samsung Pay on these gadgets is a no-brainer. The more people that can use this service, the more money the company will make regarding transaction fees.
Tougher competition for Samsung Pay
As far as online payments are concerned, introducing Samsung Pay will be much easier for many business owners. In fact, the single sign-on system could easily be plugged into current stores just like with the case of Amazon Payments, PayPal, Skrill, among others.
When compared to mobile payments, there is no doubt that online payments have received less hype. Many people don’t like the lengthy processes involved with many of the current online payment systems, among them, adding credit or debit cards as well as addresses, among other things. With Samsung Pay coming in, it could present users with a much better and more attractive option, especially for those users who have already stored their payment data on phones.
One hurdle that stands in front of Samsung is to convince online stores to sign up for this payment system. There is no doubt that the service will receive plenty of support for local online stores. However, it will be interesting to see how European and American online merchants will react. Well, it might be impossible to lure companies such as Alibaba or Amazon to this platform as they already have established online payment systems of their own.