Samsung finally introduced mobile payment, what will it look like?

Apple spoofing, so that the world's mobile payment market aquatic wind. Google has merged with the mobile operators to set up a joint venture payment tools. Samsung Electronics for mobile payment, naturally do not want to act as an audience. March 2, in the two newly released S6 flagship phone, Samsung finally launched the "Samsung payment."

Samsung into the payment market, means that in Android ecosystem, Google wallet will usher in a major rival. In accordance with the unwritten rules of cooperation before the two sides, Samsung main Android hardware, application services and media content to Google. The Samsung involved in payment, and Google "right", the future will affect the cooperation between the two sides, it is worth attention.

Samsung said that Samsung will be officially paid for this summer, first of all in the United States and South Korea in two markets.

On the basic principle, Samsung pays like Apple Pay, Google Wallet, and users can bundle their credit cards, bank card accounts into payment instruments, select a credit card when they pay, and complete the payment after they have been authenticated.

Both Apple and Google use the industry-leading NFC contactless payment method, which differs greatly from Samsung. It uses a very unique magnetic field technology that can be used on old magnetic stripe card readers. Samsung said more than 30 million merchants worldwide can support Samsung payments. This will also be the biggest advantage Samsung pays.

According to the Associated Press, NFC payments can be verified by fingerprint scanning of cell phones, but Samsung paid off using acquired U.S. LoopPay technology and may still require consumers to sign it on the spot.

So, if the old magnetic stripe bank card POS machines can achieve mobile payment, why merchants, go to trouble with NFC payment?

It is reported that Samsung paid to use the ancient magnetic field technology, itself will bring some shortcomings. For example, in some parking lots or traffic ticket buying devices, a physical card needs to be inserted, and the user may not be able to insert a cell phone with LoopPay technology. In addition, some merchants in Taiwan, credit card equipment may be placed on the counter, the user holding Samsung mobile phones may not be accessible.

Security is the focus of competition for major mobile payment tools. Apple's payment is popular, but also rely on the security of the exclusive features - fingerprint authentication plus internal chips dedicated to save credit card information.

Like Apple, Samsung Pay will also save a 16-digit credit card account with another phone number in the phone. A verification code will be generated for each payment transaction. Even if hackers steal access to the code representing the credit card account, if you do not get the Samsung mobile phone, can not complete the payment.

However, Samsung's credit card account or magnetic field information used to pay, but also easily be stolen or copied, Samsung said it will work with Visa and MasterCard to further enhance the security of the alternative code.

Any kind of mobile payment needs to be signed with credit card companies and banks. Samsung said Samsung Pay now has the support of American Express, Bank of America, Citibank, JP Morgan Chase and Bank of America.

As we all know, CurrentC, an independently developed mobile payment in the US retail industry, is on-line. This payment will allow retailers to bypass the huge credit card company credit card handling fees. This payment is made exclusively and the member may not use Apple or Google to pay. Some businesses also simply closed the NFC receiving function.

It is reported that due to Samsung's payment of magnetic field technology, it is unrealistic for retailers to ban this payment altogether. Businesses can not take the same action as NFC. This means that Samsung pays the blockade in the United States that can "penetrate" the retail industry.

It is reported that on the supported handset hardware, Samsung will pay for more new phones in the future, but older phones may not be able to support Samsung payments even though the old ones are configured with NFC.

Samsung is still the world's largest maker of smartphones, and in the United States and around the world, Samsung will pay a direct hit with Google Wallet in the Android space.

Recently, Google wallet made a major move, announced that the United States received the three major mobile operators for their support, the new sales of mobile phones, Google Wallet will be pre-installed software. In addition, SoftCard, a mobile payment joint venture founded by the three major carriers, has announced that it will stop service in the near future.

SoftCard has also become the first big payer to withdraw from the mobile payment market since Apple paid for the launch.

Samsung payment can only be used on Samsung mobile phones, while Google Wallet can be installed on any Android phone to use. The future, Samsung's mobile phone will appear at the same time Samsung payment and Google wallet, consumers will face a choice.

Google wallet is currently using a direct credit card account, did not use alternative technologies such as code, the security may be slightly worse than Apple and Samsung pay.