Samsung Pay might allow money transfer between smartphones in the future

Samsung logoSamsung’s payment service is already quite different from its rivals as it supports both NFC and MST, support for both technologies allows the service to essentially be used at all merchants that accept credit and debit cards. That has done wonders for Samsung Pay’s adoption in South Korea and the United States, the only two markets it operates in right now, but in the future it may leap one step ahead of its rivals by allowing users to share money from one smartphone to another directly via Samsung Pay.

All offline mobile payment services currently rely on the Value Added Network or VAN to directly communicate with the payment company. Hankook NFC, a startup focusing on mobile payments, has developed a new module which eliminates the need for a VAN.

Samsung Pay might allow money transfer between smartphones in the future

What that simply means it that merchants will no longer need special terminals or equipment to accept mobile payments, all they’ll need is a Samsung smartphone with Hankook NFC’s module and access to Samsung Pay. This module is also what will allow users to send money between Samsung devices.

Hankook NFC is in talks with Samsung to expand the application of the NFC payment module, allowing its phones compatible with Samsung Pay to function as mobile payment devices. Not only will it make it much easier for people to transfer money quickly, it will also enable small retailers and even temporary businesses like stalls to accept card payments without needing special equipment.

Source: Ubergizmo

Tags: Samsung, technologies

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