Seeing the new payment option with Samsung Pay witnessed at the recent Mobile World Congress 2015, Apple is not the least worried with its own Apple Pay. Payment options using mobile phones has been revolutionary giving consumers more alternatives and making their lives so much easier.
In this newest technology, an expert on payments has made consultations with many banks with the idea of getting protection for their services. Cherian Abraham clarifies that he does not blame the companies like Google, Apple, PayPal or Samsung. Analysts state that they blame the numerous banks involved.
With the payment services Apple and Samsung offer, Abraham says that these may be less safe than the cards when these were first initiated since these were less real than the earlier versions. Although he believes that both cards are naturally safer than the other payment options available as long as they are used correctly.
The payment concept Apple Pay is using simply puts your credit card be used as a ghost although without the details of the card. What it does is securely turns the numbers and other details into what is called Device Account Number contained in a micro chip. At the time of the payment, a sensor checks the purchase and triggers the chip, get the details, package made, package details received by the terminal and payment is processed, as per reports by Know Your Mobile.
This process Apple Pay uses is called tokenization which Samsung Pay also utilizes. This has proven to be genuinely secure as the consumer details do not get stored on the phones or in their clouds. Samsung Pay has also gone free, in order to lure clients to itself, as per reports by VR World.
With these payment options available using mobile phones and using the same technology, it is clearly seen as a new rivalry between Apple Pay and Samsung Pay that is surely to be watched out for.