The mobile payment world is starting to heat up. Although Google Wallet (and a few other options) had already been around for a while, as soon as Apple jumped into the game with Apple Pay, the world finally took notice. Whether you like it or hate it, that is the cold, hard reality. Shortly after Apple's announcement, Samsung announced their version, which was unsurprisingly named Samsung Pay. While Apple is hoping their brand cache and product ubiquity will help propel them toward success in the mobile payment world, Samsung is banking on simplicity with their mobile payment setup.
As we have reported previously, Samsung Pay is unique because its technology will allow the service to be used at nearly any retail location. Apple Pay requires companies to work with Apple and change out their existing infrastructure of card readers to become compatible with Apple's iPhone 6 (and future phones') NFC tech.
Where Samsung may be able to "trump" them (not to be confused with the crazy billionaire with bad hair), is that their technology is built-in to their premium devices allowing the phone to make mobile payments with almost any existing magnetic card reader. This bypasses the compatibility issue altogether.
The above video is a demonstration of that technology so that we can get a better picture of how it will work. Samsung Pay will likely be launching across South Korea and the United States later this fall. Which mobile payment technique do you think will take off faster?
