It is no surprise that Samsung comes out with a new development in the world electronics, but this time it is something that is user-friendly and convenient for all Samsung phone owners. This new arrival is their own mobile payment system that they had not previously carried before. The mobile payment system has officially launched in the United States, which eventually carried on after South Korea. In South Korea, the payment transaction was over 30 million during just the first month. If this is the case in South Korea, then there definitely will be a huge raise in Samsung’s profit in the United States.
There are two ways in which Samsung users can pay- either with NFC technology or via magnetic stripe card. The downside to this, however, is that it is only provided on some of the newer Samsung devices, such as the Galaxy S6, S6 Edge, and Note 5 devices. This means that Samsung is almost limiting, in a way, how much profit they can truly make. If they decide to make this system available on ALL Samsung devices, the market will skyrocket into success.
Due to the fact that a magnetic stripe technological system is being used during the mobile payment, Samsung has forged deals with commonly known banks such as Bank of America, Citi, and financial partners such as Visa, Mastercard, and American Express.
Though I personally will not have access to this new system because I do not have a newly updated smartphone from Samsung, I think this is going to be very convenient for Samsung users. I do, however, feel that one could feel quite skeptical when it comes to safety precautions and identity theft. I would also feel a bit nervous, so this is something that Samsung needs to think about in the long run when it comes to the safety of their users.
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