Is a mobile payments battle about to take place? Samsung have announced that Westpac will be their latest partner for mobile payments in Australia as the Korean technology behemoths continue to put pressure on their global rivals, Apple.
Westpac follows the likes of Citibank and American Express in partnering with Samsung to bring simpler payments for Australian consumers.
The technology uses Near Field Technology (NFC) as well as a technology called Magnetic Secure Transmission which allows for users to pay for goods and services at selected stores using their phone instead of their credit cards.
The mobile app allows you to add your Westpac credit card onto the phone by capturing a picture before verifying personal details and a signature to ensure security when using the payment method.
This announcement once again emphasises the race to make the ease of payment easier, as cash and even credit card methods become more outdated by the days.
Digital payments through mobile technologies like Samsung and Apple Pay come at the payoff of sacrificing the brand recognition and control of the customer.
Westpac’s Chief Executive Consumer Bank, George Frazis said that he is proud that Westpac is offering a wide variety of options for their customers to pay on the go.
“On many devices, our customers can now use either Westpac Tap and Pay, Android Pay or Samsung Pay to make contactless payments, and we’re delighted to be the first Australian-owned bank to offer this choice.
“Our mobile customers want access to the best technology and in addition the recent launch of the Westpac Keyboard, Samsung Pay is another example of a digital solution that offers our customers more flexibility, convenience and choice,” he said.
Samsung’s main competitor in the mobile payment space is their arch rival Apple, with a similar formatted name in Apple Pay, who currently have a much stronger footing in the Australian market with more than 10 FSI organisations collaborating with their mobile payment system.
The Samsung pay currently supports various compatible Samsung phones such as the Samsung Galaxy S7 and S6 as well as the Note 5.