Samsung is considering introducing Samsung Pay to the Galaxy Watch. It is informed that Samsung pay is the same application which is merged with Samsung pass and comes with the new name Samsung wallet, the application is currently limited to Galaxy smartphones and Tablets, but now the company is planning to add the service to its Galaxy watches.
Why is Samsung suddenly taking such a decision?
Samsung already had plans that it will introduce its payment service(Samsung Pay) in Galaxy Watch, the company has previously installed the NFC function in every watch, which will help to transfer money safely by its payment app, but the company is thinking of releasing it later, not immediately this year, but now the Korean giant is changing its strategy because of the entry of Apple pay in Korea.
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It is worth noticing that there are only Korean Galaxy watches which don’t support Samsung Pay, while in other regions, the service is functioning already. Previously the Korean Galaxy watches had an MST (Magnetic Secure Transport) module for Samsung Pay, and this system is very popular in Korea. But this module has some disadvantages, like you have to take off the watch and then do the transaction because of the short range of recognition.
Advantages of Samsung pay
Samsung Pay also has the advantage of supporting MST module because with this function supports mobile ID cards and tickets, which replaces the role of a wallet; on the other hand, Apple pay uses internationally accepted (Europay Mastercard Visa) through the NFC method, which cannot recognize the old terminals which makes payments impossible through Apple pay.
After analyzing the market, the company believes that the situation of the market is rapidly changing, so they are also ready to compete with Apple. There are very few shops and businesses available in the market which accept NFC payments, but now with the entry of Apple Pay, which only supports payment through NFC, Samsung has also taken the decision to introduce the Samsung pay service that will support NFC for making payments.
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Moreover, Samsung will also work with the financial industry, Hana Financial Group and will provide several functionalities like allowing student and employee IDs to be stored in Samsung Pay for different purposes. After joining hands. Vice President Han Ji-ni, head of the digital wallet team at Samsung Electronics’ MX division, said, “We will continue to make efforts to ensure that Samsung Pay users can enjoy the best mobile wallet experience through an open partnership.”
