Nowadays mobile payments have almost taken over all other forms of payments like pay via debit and credit card. The reason behind it is that it is handy and you can go card and cashless everywhere you want. Registered users can make payment anywhere, anytime just by using their smartphone.
In order to run the mobile payment system, companies like Samsung, Apple, Google to mention a few have to come to an agreement with banks in the respective countries of their expansion. Multiple banks can be reached by the companies at a time, and account holders of such banks can have access to the mobile payment mode. However, Samsung this time has come up with some unique ideas in order to make the process of tieing up with banks feasible.
According to distant media reports, most of the mobile payment in Europe and America is occupied by Apple Pay. While Google Pay is trying hard to cope with the gap, Samsung Pay before the recent announcement was really lagging behind.
Samsung has joined hands with Visa and fintech company Solarisbank AG to launch Samsung Pay in Germany. Samsung, unlike other companies, refrained from relying upon a particular bank. Instead, Samsung successfully made an agreement with Visa’s network.
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That is when a user is using Samsung Pay, a virtual debit card which will be issued by Visa against the user’s name which in return can be used by the user to link particularly every German Bank accounts.
The uniqueness of this initiative lies in the fact that Visa has agreed to provide its service for the first time across Europe. It can be assumed that this easy accessibility will probably work as a tool to gather users for Samsung Pay. The perks do not end here, Solarisbank does not ask customers to visit the branch office for the registration process. Even video calls or video recognitions are not required for registration.
Although Samsung has worked amazingly to promote Samsung Pay and compete with the available platforms of mobile payments, the list of devices that will support Samsung Play is really limited and fails to include any Lite models. Galaxy S, Galaxy Note Flagships are the few to mention. The reason behind this is that, even though it was open, in Germany Samsung initially started as a beta service.
However, this can be expected that Samsung will get over this issue very soon. The date of availability of the service is expected to be on 28th October 2020.