Do You Really Need a Wallet Anymore?:
How innovations like Samsung Pay and the introduction of cardless banking are changing the way South Africans shop
•The loss of a wallet is no longer the worry it was before
•Local banks are embracing new ways to pay
•Samsung Pay has turned smartphones into convenient digital wallets
It wasn’t that long ago that losing your wallet would have been a complete disaster. After all, you’d lose your bank and loyalty cards, important receipts and even precious pictures of your loved ones. But suddenly, the possession you just couldn’t do without is being replaced by your smartphone. Firstly, we now have countless pics of family and friends safely backed up on our devices and receipts can be easily stored with a simple picture. In terms of the primary use of a wallet, banks have now made it easier to use cardless banking at ATM’s. And then there’s a major revolution in terms of wallet-less payments. The arrival of Samsung Pay in the country in 2018 has turned smartphones into virtually the only payment device you need.
“Samsung Pay has brought South Africans a new level of convenience and security when making contactless mobile payments. Armed with your ever-present smartphone, you can now pay with your smartphone in a way you just couldn’t before. It’s this kind of convenience where technology can make a massive difference in our lives,” says Justin Hume, Director: Integrated Mobility at Samsung South Africa.
A Smarter Way to Pay has Arrived
Samsung Pay is continuing its meteoric rise in popularity and there are good reasons for it. This secure and simple digital wallet instantly gives Samsung Pay supported devices the functionality of a bank and loyalty card, which can be used almost anywhere* you can swipe, insert or tap a card. South Africans are clearly embracing safe and convenient ways to shop and Samsung Pay has provided an effortless approach to it. This success is being sustained through partnerships with major banking institutions including Absa, Standard Bank, Discovery Bank and FNB.
Technology Is Delivering On the Promise of Convenience and Safety
With a bank and even loyalty card, loaded on a Samsung smartphone, paying is as simple as swiping upwards on your screen, authenticate via PIN, fingerprint or iris and hold your phone by the payment terminal. Additionally, Samsung Pay’s security exceeds other mobile payment methods. Through tokenisation from Visa and MasterCard the physical card information is never used during the payment process but instead a unique cryptographic sequence and token is used for the transaction, where the cryptographic sequence changes with every transaction made. That’s a first in South Africa and its welcomed.
Yes, there may be some who still hold on to the familiarity of a wallet, but as time marches on, its replacement, the smartphone, is clearly beginning to play a more important role in our pockets, handbags and hearts.
Samsung Pay can be downloaded for free from the Google Play Store and used on the following Samsung devices: Galaxy S10+, S10, S10e, Galaxy Note 9, Note 8, S9/S9+, S8/S8+, S7/S7 edge, A8 (2018), A7 (2017) and A5 (2017), Galaxy Watch, Galaxy Watch Active, Gear S3 Watch and Gear Sport Watch.
* 97% acceptance rate based on local trials for compatible smartphones (NFC and MST). Compatible wearables (NFC only) will have a lower acceptance rate as they can only be used at contactless terminals. Terms and Conditions Apply.
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