Phones Samsung Pay makes Apple/Android pay look old school

[nviz22]

Samsung Pay is perfect for the US Market. MST is predominantly used with most cards. Some major banks are finally switching to pin and chip. I don't trust mobile payment systems to begin with. I only use it when they have a nice promotion ($30 gift card for just making $1 purchase) and then remove my card. SP > Apple Pay for me. I have used both before as well.

 

[AliMacs]

Another update: I just used samsung pay with my AMEX at COSTCO! First time in years - but sorta defeats the purpose because I have the costco amex card with ID on it so it's taken out of the wallet anyway. BUT of course the employees are like, WTF - how is this possible, i've never seen it before

 

[The-Real-Deal82]

I do find it amazing that America leads the world in many things yet they are nearly a decade behind the rest of us in banking. My brother emigrated to the States and was amazed by the lack of even chip and pin.

 

[C DM]

I do find it amazing that America leads the world in many things yet they are nearly a decade behind the rest of us in banking. My brother emigrated to the States and was amazed by the lack of even chip and pin.

Well, "behind" perhaps in principle in some sense, but not really in what people can do or get with banking--credit cards are easy to use and get the same things and without a PIN even, so from a consumer point of view at least there's nothing that they are really missing or are behind on.

 

[The-Real-Deal82]

Well, "behind" perhaps in principle in some sense, but not really in what people can do or get with banking--credit cards are easy to use and get the same things and without a PIN even, so from a consumer point of view at least there's nothing that they are really missing or are behind on.

I agree the outcome is the same because the consumer is still using their card and walking out with goods. However, fraud is easier when cards are swiped or signatures are needed. That is where the consumer ultimately loses out.

 

[tbayrgs]

I do find it amazing that America leads the world in many things yet they are nearly a decade behind the rest of us in banking. My brother emigrated to the States and was amazed by the lack of even chip and pin.

Yup...and the push (mild as it is) isn't even for chip and PIN yet but rather still just chip and sign. I can have my kid sign for my CC if I want without pushback...ridiculous requirement for 'verification.' I'm actually still often required to 'sign' when I use Apple Pay.

 

[gotluck]

The chip and signature situation is a perfect illustration of the US market with respect to this subject

convenience is definitely prioritized over security

 

[C DM]

I agree the outcome is the same because the consumer is still using their card and walking out with goods. However, fraud is easier when cards are swiped or signatures are needed. That is where the consumer ultimately loses out.

There's that, but, again, as far as the consumers, it doesn't seem like it's something that has much of an affect one way or another on the vast majority.

 

[The-Real-Deal82]

There's that, but, again, as far as the consumers, it doesn't seem like it's something that has much of an affect one way or another on the vast majority.

Fraud doesn't affect the vast majority in any country but the banks have to find ways to close loopholes regardless. Chip and pin was adopted because signing a receipt was far too easy when a card was stolen and the signature can be learned off the back. A card can also be cloned and a signature can be made up. Signing is just an old fashioned way of paying these days and we left it behind years ago.

 

[C DM]

Fraud doesn't affect the vast majority in any country but the banks have to find ways to close loopholes regardless. Chip and pin was adopted because signing a receipt was far too easy when a card was stolen and the signature can be learned off the back. A card can also be cloned and a signature can be made up. Signing is just an old fashioned way of paying these days and we left it behind years ago.

Agreed, I was just saying that for consumers, from their point of view and how it all fits in their life, nothing reply feels "behind" (and in a sense many would see quickly swiping and signing as a faster and more convenient way of doing it all than sticking a card in and inputting a PIN).

 

[kdarling]

Agreed, I was just saying that for consumers, from their point of view and how it all fits in their life, nothing reply feels "behind" (and in a sense many would see quickly swiping and signing as a faster and more convenient way of doing it all than sticking a card in and inputting a PIN).

Yep, that's how I think of it. Swipe and (sometimes) sign (more like draw my own special loops) is more convenient than inserting. Of course, tap & go is even better!

FWIW, the US didn't rush to adopt chip & PIN for at least a couple of reasons:

1. Unlike many other places, the US has long had real time card authorizations, instead of the offline mode that chip & PIN was invented to help with.

2. To go with that real time capability, US banks have put much more effort into computerized fraud detection than other banks. In other words, they keep better track of our spending habits.

Also people should keep in mind that banks are able to charge highly for their services because they usually take the risk. Their rates are set up for that. So they're actually making tons of money because of the fraud risks. Although yes, as those risks drop for whatever reason, their rates tend to stay the same and profits go up. But keeping things convenient for the spender, is still high on their list.