Although the world of mobile payments is just born and is already overcrowded, almost all services offered provide almost the same functionality as presented under another name. This is not the case of Samsung, the only manufacturer that has decided to strengthen its service Samsung Pay by introducing a special hardware, the Magnetic Secure Transactionterminals enabled Samsung to converse with the POS currently present in circulation without requiring any kind of update (or fees!) on the part of exhibitors.
Thanks to the presence of the MST chip Samsung Pay is going to be enriched with a new unique functionality that may further make a difference within a uniform market like the current one. Starting next March, 11 in South Korea, you can make withdrawals and deposits of money through the ATM of banks that have joined the project, which is Woori Bank, Shinhan Bank, Kookmin Bank, Industrial Bank of Korea KB and NH Nonghyup Bank; simply put your smartphone to your player to any withdrawal operation and storage. Previously there was a pilot project that allowed to withdraw only from ATM of Woori Bank.
It is particularly interesting to note the huge increase in the number of partners conveyed towards this kind of technology. Samsung hasn’t announced if this opportunity will be extended to other markets where service is active, although we expect very long timelines in case the answer was positive.