With three major smartphone brands fighting to give their customers the best mobile payment service, which one of them has actually managed to do well? Read on to know more.
Samsung Pay has just been released, but by integrating two technologies – Near Field Communication (NFC) and Magnetic Secure Transfer (MST), Samsung Pay has emerged as a clear winner when compared to its competitors Apple Pay and Android Pay.
Why and how?
All three mobile wallets have one technology in common – NFC. But the only problem with this technology is that since mobile payment systems are relatively new, few retailers have NFC-enabled terminals. This limitation makes it difficult for iOS and Android users to rely on mobile wallets. Here is where MST jumps to the rescue.
Magnetic Secure Transfer, also known as MST, is a technology that every retailer accepting debit and credit cards uses. Yes, it is the well-known card swipe terminal which we use almost daily these days. From the smallest retailer to the malls, everyone uses MST. Samsung Pay has smartly integrated this technology in this devices, which means Samsung Pay has almost no restrictions on usage. Users can easily depend on this brand’s mobile wallet as it is widely accepted, just like your plastic money.
The real comparison will begin when mobile wallet systems take off and every retailer will have NFC-enabled machines. The only downside to Samsung Pay is that it is available only on the brand’s latest smartphones – Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge+, and Galaxy Note 5.
Apple Pay and Android Pay also teamed up with almost all reputed banks and major U.S. retailers. These mobile wallets, though, are restricted right now, but that is the only downside to these payment apps. When the technology is widely accepted, then Pay might have to give up on its #1 position.