One of the nice things about the Apple Watch is that it can be used to authorise Apple Pay payments without ever having to take your phone out of your pocket. It seems that the competition doesn’t think this is a bad idea either, because reports indicate that Samsung and PayPal have teamed up to create a smartwatch that’s capable of doing the same thing.
According to Business Korea a ‘high ranking Samsung official’ confirmed that the device was in the works and would use PayPal to make mobile payments, and would include a fingerprint scanner for added security. A little bit like the Samsung payment system in the Galaxy S5.
Reports indicate that the device could be released in early 2015, roughly the same time-frame as the release of the Apple Watch and the rumoured European launch of Apple Pay. It will supposedly launch in 25 countries, before expanding to more than 50 countries across the world. the advantage is that PayPal is already an established payment system and, unlike Apple Pay, does not require negotiations with local banks and credit cards for it to be implemented.
People might be heralding Apple Pay as the tool that makes mobile payments more part of the mainstream, but it certainly won’t be without stiff competitions when it arrives.