The wallet of the future is here with Samsung Pay. Phone makers have long been fascinated with mobile payment technology but have struggled to implement it. One of the major problems with the mobile wallet is the limited number of stores that accept the modern payment system. Samsung estimates that customers will only truly adopt mobile wallets when the proportion of stores that can accept payment by phone reaches the 80 percent mark. With Samsung Pay, that goal is becoming a reality.
Samsung Pay projects a magnetic signal identical to those of tap-enabled credit cards. This means that any card reader that can accept tap cards will just as easily be able to accept Samsung Pay. Samsung Pay also features encryption and security features that represent significant developments from previous mobile wallet systems.
Samsung Pay may mean the advent of phones as customers' chosen method of payment, changing the face of shopping as we know it.