Samsung is very intent on contactless payments. That much is no secret. You just have to look at the effort the company has made with its Samsung Pay service to know the truth of that. The company has a lot of competition though and it vies with names like Android Pay and Apple Pay. Today, the company is introducing yet another tier along its drive with the launch of the contactless payments platform.
Samsung has partnered up with Swiss fintech company Smartlink and POS & payment tech provider Ingenico. Together, the group will attempt to expand access to contactless payments to people who don’t have NFC-enabled smartphones. What’s more, the group will also work upon the creation of tiny NFC chip that can be embedded into a range of different devices and form factors.
So basically, the chip could be embedded in all sorts of devices ranging from a traditional watch to your wallet. And why stop there? The companies are ruminating about a future where the NFC Chips could also be integrated into clothing. So, simply wave your tie your your sleeve before the counter to make payments. The best part about all this is that the original device does not need to be altered. This leaves a wide, wide market open before Samsung wherein the NFC chips could be integrated almost anywhere.
The idea here is that these chips could be loaded up with not just cards and bank account connections, but also with cash. So, the customer could walk out into a retail outlet, hand cash to the person behind the counter and load his or her chip with cash. A good analogy would be Airtel’s payments banks which allow cash transfer and submission through its retail outlets.
And the security features are seriously next gen too. You could not only deactivate the chip at any time through a smartphone app, but you could also load money for specific time periods. So, you could load a 100 bucks for a couple of hours while you are out on a date and after that time, the money will automatically be returned to your account. Sweet, right? That is a look at next-gen payment systems for you folks, and Samsung is all set to position itself at the van.
A bibliophile and a business enthusiast.