People using a Samsung phone could have a new way to pay. It is a new feature on Samsung phones that might help slim your wallet. This new payment method could make purchasing merchandise easier if you forget your wallet but you may still be asking yourself "how secure is this new mobile wallet?"
Julie Korinek from Cat.Man.Du Technologies says, " If you lose your phone they don't actually store your debit or credit card number on the actual phone. What they do is they assign a random number called a token on to your phone when you pay for things its associated with your card but not your actual credit card number."
You must also enter a password or use your thumb print before the phone will approve your purchase. Samsung Pay works like a normal cards but is kept on your phone.
Julie explains, "They're basically a way to pay where you just use your phone. I think they want it to be in place of you having to carrying around your wallet because your credit card information is stored on your phone and you can pay for things on your phone."
It uses two technologies that allows you to pay for your purchases. First, Near-Field Communication and the second is Magnetic Secure Transfer. The MST technology the phone uses is in most commonly used card readers.
Julie also says, "Most reviewers consider Samsung to be better because it's going to be more widely available in more stores, and on more kiosks because it uses MST technology as well as the NFC technology"