A few days ago Samsung announced the Galaxy S6 and the Galaxy S6 EDGE. The phones themselves looked extremely promising but the mobile payment system that was also announced, is likely to have an even bigger impact on your life.
We have come to a point in smartphone evolution where it can be said to have stagnated a bit. At least when speaking of the hardware features. Most times when a new phone is announced we see bigger, faster, and more. Less often do we see any new features introduced. The Galaxy S6 EDGE being the exception with its dual edged screen.
We believe that the next frontier when talking about smartphones will be the mobile payment system. Just about every big phone manufacturer has thrown themselves into the battle to enable its users to leave their credit and debit card at home.
In an effort to make their mobile payment system ready for consumers across the globe as fast as possible Samsung bought LoopPay. Sadly it won’t be ready for Samsungs April 10. launch of the Galaxy S6 and Galaxy S6 EDGE but we suspect the wait won’t be too long. In fact, Samsung has said that it would be ready this summer.
I think we all agree that the use of NFC may very well be the best way to pay with our mobile phones. Unfortunately far from all payment terminals has this technology yet. Samsungs acquisition of LoopPay has enabled they to quickly develop a system that works on both NFC and the more old fashioned magnetic stripe terminals.
Once you get a phone that supports it ( S6 and S6 EDGE for now ) you can use your phone to pay for goods and services on about 90% of the worlds payment terminals. This is infinitely more that the main competitors which at the moment works on about 10% of terminals.
The system they have come up with has been called MST, and it enables users to pay with their phones on all terminals that has a mag stripe.
We can’t wait to test the new system, and will be back with more as soon as we do. So stay put and check back once in a while for the latest Android news.
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