Report: Samsung to partner with PayPal for mobile payment support for its smartwatches

A report out of Korea on Sunday, says that Samsung is working together with PayPal to put together a mobile payment system for its smartwatches. The system will allegedly include fingerprint verification technology from Synaptics. While Samsung's watches don't offer a fingerprint scanner, the timepieces could sync to Samsung handsets that do, like the Samsung Galaxy S5.



With Apple Pay set to launch next month in the U.S., both Samsung and PayPal might feel some pressure to offer something similar. Samsung could use a mobile payment solution for its smartwatches to compete with the Apple Watch. PayPal needs to compete with Apple Pay by raising its mobile profile.



An unnamed Samsung executive told Business Korea to expect this feature to be available on the third-generation Samsung smartwatches, which are scheduled to be available early in 2015. The timepieces will allow for a payment to be quickly authorized through biometrics or through the use of a password.

"We are currently developing the smart watch equipped with fingerprint identification technology and relevant solutions through cooperation with PayPal, the world’s most renowned financial transaction service company, as well as Synaptics, a global company specialized in biometric verification. By the earliest, the third generation smart watch to be released early next year will have this new system in which payment is authorized immediately when users identify themselves through biometric sensors such as a fingerprint or login."-unnamed Samsung executive

source: BusinessKorea via GigaOm

Share:

Facebook Twitter Google plus