Paying with a smartphone has been a sci-fi dream that's become a reality for most Americans in 2015, and in 2016 the scope of phone payments will only grow.
It was Apple who was first with a
true mass-market system that would be used by millions of people with
the NFC-based Apple Pay in late 2014. Google who had tried years
beforehand with Google Wallet, lacked the scale and widespread adoption
of Apple Pay. The company finally became serious about mobile payments
in late 2015 when it unveiled Android Pay, another NFC-based mobile
payment solution that had the benefit of working with older phones, even ones running Android 4.4 KitKat.
There is, however, one other company that has grand ambitions with its payment system: Samsung.
Its
service, Samsung Pay, has one key advantage over both Apple Pay and
Android Pay: it works with traditional terminals that don't have a fancy
NFC chip (a physical NFC chip is a requirement that a terminal should
have in order to work with Apple and Android's solutions). In fact,
Samsung Pay supports both magnetic transactions (used in traditional
terminals) and NFC wireless transactions (requiring an upgraded
terminal).
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