PayPal is being teamed up with Samsung for mobile payments regarding a watch
As a result of of Apple Pay coming to the Apple Watch at the beginning of next year, a mobile payment strategy is being worked on by Samsung. It will not be going its way all on its own, it will have a very eager partner. It will work alongside PayPal in order to bring safe mobile payments to the wrist.
The effort was pointed out by Business Korea and they added Synaptics to the mix. Synaptics whose technology may possibly be used for the authentication of fingerprints. The following is in accordance with a Samsung executive:
We are now in the process developing the smart watch which has technology of fingerprint identification and relevant solutions through cooperation with PayPal, which is the world’s most renowned financial transaction service company, and also Synaptics, which is a global company specialized in biometric verification. The third generation smart watch is set to be released at the beginning of next year, which will have this new system in where payment is immediately authorized when users identify themselves through biometric sensors such as a login or fingerprint.
The system of payment is meant to be aimed at the next generation of Samsung smartwatches due to the fact that the current models don’t have fingerprint sensory features. The current watches of Samsung may still possibly operate with any given system it plans with its partners, although; perhaps when the biometric sensor is linked to a connected phone.
When looked on from an outside point of view, it might possibly seem that this is just one more fight between the two major companies Samsung and Apple, which contends powerfully alongside one another. This is in the same way to do with PayPal as well.
It has worked towards ruling mobile payments for many years, only to see upstarts such as Square begin to infringe its business. Given that Apple Pay is planned to start online now, in apps and in retail stores in the upcoming month, PayPal must be feeling much more pressure to keep up its popularity in this market.