There are no indications which banks will take up the technology. More than that, the company pointed to Transport for London’s use of contactless mobile payment technology alongside its smart cards as a way of paying on buses and trains in the city as something that could work in Ireland.
The move follows the launch of Android Pay in December 2016 and Apple Pay in March 2017.
Additionally, the technology allows users to pay in shops with cards stored on mobile phones compatible with contactless technology. For retailers, there is no extrta equipment needed, as the technology works with almost all existing contactless terminals.
Mobile contactless payments are generally considered more secure than contactless cards, which have been in use in Ireland since 2011, as the card number is not passed to the retailer. Instead, a virtual number is used for transactions. The systems also have extra security features in place – including passcodes and fingerprint security – and can be remotely wiped should the phone be lost or stolen.
Samsung Pay and Apple Pay can also be used on the respective companies’ smart watches. Although there have been dire predictions about the future of the wearables sector, Samsung is curently on its sixth generation of wearable devices and Mr Pierce said the introduction of Samsung Pay would only strengthen the division.
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