Why Samsung wants to turn your phone into POS

Samsung has huge passions and is looking to enter into the financial market. When it involves paying by phone directly to the SOP, South Koreans want to be on both sides of the offer.

Several specialists argue that the timeless banking system, as we understand it today, needs to transform itself and keep up with new modern technologies. The large banks have already taken action in this instructions. They digitized their operations, shut the traditional counters and also made available different applications.

It’s a great work, the interaction with the bank comes to be a lot easier, and also hence the financial giants handle to keep up with suggestions that are developing very quickly, as is Revolut, for example.

But in the meantime, he is facing one more threat. Large technology companies seeking to steal from lenders. After supplying some advantages such as straight repayment with the phone, Samsung is one step in advance.

Samsung intends to help you pay, yet also cash in

After successfully introducing Samsung Pay – the digital pocketbook, a function that has not yet gotten here in Romania – the business is seeking to increase into the settlements area with the phone. And also he wants to get on the opposite of the transaction. On receipt, more precisely.

Samsung POS – or “Samsung Point of Sale” – is the originality that South Koreans are working with. To be able to approve payments with this system, sellers must go to the Galaxy Store or Play Store and also download Samsung POS.

After enrollment, merchants can accept repayments via this system from any type of device: contactless cards, Samsung Pay, Apple Pay as well as Google’s digital wallets.

And also everything is done wirelessly. Samsung POS works with Mastercard and also Visa as well as, although not officially announced, the safety of the new gadget is ensured through Samsung Knox.

The system has currently been successfully checked in Canada this year as well as is expected to reach worldwide this month. A little note, though: for now, international reporters have actually noticed that the Samsung POS app is not offered for download in the United States from the Play Store.

Similar applications have actually additionally been established by financial institutions in Romania. ING, as an example, has actually launched mPOS, which you can pay with either the card or the phone. mPOS is recommended for card settlement invoices and also comes bundled with an obtainable application.

Basically, it is addressed to companies that intend to gather cash from clients anywhere and also anytime.

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