Home / Tech News & Announcements / Samsung Pay vs. Apple Pay vs. Android Pay (Aaron Pressman/Yahoo Tech)

Samsung Pay vs. Apple Pay vs. Android Pay (Aaron Pressman/Yahoo Tech)

Samsung’s new mobile payment system , coming this summer, will work even at the millions of old-fashioned checkout terminals that don’t have a wireless connection. That solves one of the big limitations of Apple’s mobile pay system , which only works at the 200,000 or so newer terminals in the U.S. that have been upgraded with wireless chips. But Samsung’s solution faces a very different problem. None of the major mobile phone carriers have announced that they will pre-install the software, meaning customers may have to add it on their own. Apple’s deals with the carriers give it greater control over hardware and software features, so it didn’t need their permission to offer Apple Pay. And Google’s recent deal to partner with the carriers on a third mobile pay solution, formerly known as Softcard but is being wrapped into Google Wallet, adds further complications for Samsung. Samsung unveiled the new Samsung Pay feature on Sunday at the Mobile World Congress in Barcelona as part of the introduction of its new Galaxy S6 smartphone . The new phone will include a Near Field Communication chip, just like the newest iPhones, allowing the payment system to work wirelessly at stores with similarly equipped checkout terminals. But Samsung is also including technology it acquired last month when it bought Boston-based start-up LoopPay . The technology allows a phone to send out magnetic signals that register as a swiped credit card at old-fashioned checkout registers, so that it will work wherever credit cards are accepted. Get the Latest Market Data and News with the Yahoo Finance App The LoopPay technology “may help Samsung if consumers perceive Samsung as somehow more practical since it works at more terminals,” says James Wester, research director for Global Payment Strategies at IDC Financial Insights. “Ubiquity is also a big reason for the success of any payment method and Samsung, using LoopPay, is smart to cultivate that impression.” Samsung Pay users will be able to approve transactions with a fingerprint, much like Apple’s system.

See original article:
Samsung Pay vs. Apple Pay vs. Android Pay (Aaron Pressman/Yahoo Tech)

About kanmg

Check Also

Mario Armstrong Holiday Gifts - OtterBox

Mario Armstrong Holiday Gifts – OtterBox

**Sponsored Content** Digital Lifestyle Expert, Mario Armstrong, partnered with OtterBox to share the perfect gift …

Leave a Reply

Your email address will not be published. Required fields are marked *