Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Mobile Payments

Samsung Pay, Hankook NFC to launch phone-to-phone payments service

Tuesday 10 November 2015 | 11:12 AM CET

Samsung Pay has partnered Hankook NFC to develop a payment module that allows exchanging money between smartphones and pay with credit cards using an NFC chip in smartphones.

The new module from mobile payments service provider Hankook NFC reads Samsung Pay with NFC when downloading the app to smartphones, eliminating the need for a VAN (value added network). Once the module is installed, smartphones can be used as mobile credit card payment terminals.

Also, this could be a solution for temporary businesses such as stalls, which are not able to accept card payments because of the lengthy VAN process involved.

Hankook NFC is currently conducting discussions with Samsung Electronics in order to develop services that can use Samsung Pay to transfer money between smartphones.

Samsung Pay uses proprietary technology called Magnetic Secure Transmission (MST) along with Near Field Communication (NFC), is compatible with most existing payment terminals where the customer can tap or swipe the card. Samsung Pay is available on the Galaxy S6 edge+, Galaxy Note5, Galaxy 6 edge and Galaxy S6 smartphones.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement