Samsung Pay
The access of masses to technology is ever-increasing, being facilitated by the continuous innovation and efficacy of the technological ecosystem. Certainly, one facet of this access is smartphone penetration, which has become an integral part of human life. This gadget has transformed not only human-to-human interaction but also human-to-machine interaction, and this transformation is characterized by seamless operations which have brought a lot much convenience in our lives. Samsung is the largest smartphone manufacturer across the globe and its flagship series Galaxy has a host of innovative features, one of which is Samsung Pay; it is enabled by Near Field Communication (NFC) and takes a significant leap towards establishing smart IoT platforms in the realm of contactless payments.
Technical Architecture of Samsung Pay
Being a mobile payment and digital wallet service, Samsung Pay is offered by Samsung Electronics that essentially allows the users to make payments at POS without going through the hassle of swiping digital debit/credit cards, rather by just a mobile tap. Laying the foundations on Near Field Communication (NFC), galaxy smartphones can communicate with the NFC enabled terminal to process and complete the transaction. Feature which makes Samsung Pay stands out in the league of other digital wallets is that it can also function with traditional POS terminal; Magnetic Secure Transmission technology (MST) can make the Samsung Pay’s Unified Payment Interface (UPI) interact with non-NFC enabled card readers and transaction can take place in a seamless manner. The use of MST comes to the limelight as NFC is still considered to be a novel technology, especially in the developing countries with low tech literacy. Architecture wise, MST utilizes the back-strip on the credit and debit cards to emulate the relevant information on the interface of Galaxy smartphone (embedded with a magnetic coil).
Utility of Samsung Pay – Powered by NFC
Not only Samsung pay provides customers the convenience of not carrying the physical cards all around but it is also very safe as it doesn’t store the actual card number but an encrypted version of it that is shared to POS terminals. The physical security levers i.e., fingerprint and password can authorize the use of Samsung on any given Galaxy handset. Given the current scenario of COVID-19 and all the restrictions in place, the value of Samsung Pay becomes more important than ever; it can significantly reduce human involvement while making the payments at POS transactions. More so, it reduces the wait and processing time as far queuing at the retail stores is concerned. On a macro-scale, NFC-powered Samsung Pay can take a significant leap towards establishing a Fintech eco-system, which is marked by efficiency, efficacy, and optimization. More so, it can open a lot many avenues for the incorporation of technology into everyday lives.
Most of all, this service is free of cost for the consumers as Samsung Pay us built-in in galaxy smartphones. More so, users can earn reward points, which can be redeemed, by shopping with Samsung Pay. It provides customers the peace of mind that their actual card details are not being shared at the POS transactions. On the retailer’s side, Samsung Pay is marked via easy online integration and increased sales; not only transactions are secured by enhanced security frameworks but also there are no transaction fees involved, thus complimenting the overall business proposition.
Samsung Pay is the perfect example of how technology can be leveraged to achieve business excellence and growth. Being free of cost, more and more consumers are employing this game-changing technology for hassle-free shopping experience. In short, Samsung Pay is all about convenience and seamless processing in the domain of shopping and retail management.
