Debit and credit cards to soon turn obsolete
Posted on: 04/Apr/2017 5:28:52 PM
Each one of us have got at least one or two ATM cards in hand. We are in fact scared to carry the card wherever we go. We fear of losing the card anywhere.
It is this inconvenience that we should address in any cashless payment technology. There was a solution from unlikely source released last week. Samsung has introduced a new payment system that eliminates the need to carry debit or credit card. One can simply carry it virtualized on mobile phones. This feature will be available on Galaxy smartphone. For this, there are several card issuers compatible to the feature. This includes Visa, American Express, Master Card, Axis Bank, HDFC Bank, ICICI Bank, Standard Chartered Bank, SBI Bank and Citibank.
This is called the Samsung Pay. This brings together the debit card, credit card and e-wallets into the phone. You may pay from any of these as per your choice. The system is contactless. Firstly, select the card, and authenticate it with fingerprint scanner on phone. Take the phone close to swiping machine.
