Apple Pay, Google Pay and now another mobile power player joins the group with Samsung Pay launching in the United States. This news follows a trail of a continuous feud of patents and technology between Apple and Samsung, which try to dominate the mobile market. This comes at a time where consumers are used to making purchases online in a split second and now can do the same thing in-store with the added benefit of extra security through tokenization.
Samsung, like its competitors, tokenizes credit and debit card numbers in order to create unique transactions that do not include the customers actual credit card number. It is expected that Samsung challenged Apple; however, it’s surprising that the company would directly compete with Android, an operating system the brand utilizes.
In recent years there have been claims that Samsung is experimenting with creating its own operating system, which would break it away from Android. Even though that may be the case, Samsung’s popular Galaxy phones and others still use Android operating systems. That poses the question that if a phone is not an Apple product or Samsung, what market share does that leave for Android Pay? There are some mobile phone brands that are not Samsung or Apple, such as Motorola, LG and more, but not nearly the amount of the other phones.
Regardless of whether a customer uses Apple Pay, Android Pay or proceeds with Samsung pay, there are still risks involved in using mobile payment systems. As an example, the tokenization of Apple, Android and Samsung can protect a user’s information; however, banks and credit card companies must still implement their own identity verification when its customers add their bank information to one of the mobile payment systems.
EVS offers a variety of products that can assist with identity verification from Knowledge Based Authentication to Authentication Question Generator, which are specific and unique to the user of the card. If banks and credit card companies work with the mobile companies in order to conduct strong identity verification, Apple Pay, Android Pay and Samsung Pay may swipe plastic cards out of the system.
