In case you have not heard, Samsung has recently unveiled Samsung Pay in an effort to get hold of the digital-payment market. This development is something exceptionally comparative to the big CurrentC retail and Apple Pay (supported by Target, Wal-Mart and others). With this new development by Samsung, you can pay for merchandise with the POS (Point of Sale) equipment. Samsung Pay does not need an upgrade on the part of retailers as required by Apple Pay. The implication is that Samsung Pay has prospective as a technology that can be used today.
However, the problem is that you must be on a Samsung phone platform to access or make use of Samsung Pay. It had already been discovered that Samsung is having a serious problem competing with the iPhone 6, going by the results of the recent sales. The new Galaxy Edge and Note are intended to overturn Samsung's dismal sales trends and will have to do so if Samsung Pay is to be generally accepted.
More significantly, the Samsung system may be a great avenue to capture information about consumers by retailers. Nevertheless, the consumers will not be so eager about sharing this information. Samsung Pay is a sigh of relive for consumers that their information will not be abused, at a time like this where digital security and identity theft is a major concern.
It is the ecosystem that determines the achievement of an offering. Samsung will fail, if Apple continues to move forward taking over the market share with its iPhone devices. However, opening may be available for the second best. In view of the fact that retailers will in due course upgrade their point of sale technology to work with Apple Pay, the procedure will be slow and recent reports of the slowdown in Apple Pay transactions could further silence the motivation to upgrade terminals. That would eventually be a win for Samsung.
After one year of miserable news from Samsung, it deserves commendation for an improvement that is both apposite and unique for existing conditions. ‘
Samsung Pay is an uncommon innovation for the company, despite the fact that the company has been condemned for lumbering its smart-phone strategy. It appears that there are a number of people at Samsung, who are thinking tactically to a certain extent than making effort to emulate the strategy of competitors.
Still, Samsung Pay will end up helpless by reliance on the Samsung ecosystem, if the new products released by Samsung do not turn around the waning sales of the company.