▲Development of simple payment

Nowadays, it is a trend to use contactless payment services rather than cash or card when buying and paying for goods. Here, contactless payment refers to a method of making payments without direct contact between the payment terminal and the payment method using near field communication (NFC), unlike contact payment in which the payment is made by scratching the magnetic strip of a magnetic card or inserting an IC chip into the payment terminal. Samsung Pay introduced contactless payment in 2015, and Apple Pay has also been applied in several countries since 2014.

Samsung Pay is a simple payment service launched by Samsung Electronics in March 2015. Samsung Pay is the world's first online/offline Fintech (Financial Technology) payment platform that supports both MST (Magnetic Secure Transmission) and NFC. The magnetic card, which has been used as an existing payment method, has a black band about 1cm wide. This black band is called a 'magnetic wire' because it has the properties of a magnet. Magnetic wires store information by arranging N and S poles. The payment terminal serves to read information composed of N and S poles. There is a coil inside the terminal, and when the card is swiped on the terminal, an electric current flows through this coil to form a magnetic field. At this time, the existing payment method reads information from the magnetic field formed by the terminal and transmits it to the credit card company for payment. However, Samsung Pay creates a magnetic field without swiping the card on the terminal. In Samsung smartphones, in which magnetic secure transmission technology is applied, a magnetic field is created by a component that generates a magnetic field. This magnetic field causes electromagnetic induction that generates a current in the payment terminal. It is different from the existing card payment method in that the payment terminal decodes the electrical signal generated by the electromagnetic induction phenomenon into payment information and transmits it to the credit card company. Samsung Pay can also be used for user's biometric and iris recognition. However, if you lose the phone containing the card information, there is a risk that other people may use your card. Samsung Electronics perfectly complemented this with Samsung Pay's remote swipe technology and Samsung Pay's remote wipe technology. Through the supplementary Samsung Pay, payment can be made using the card registered in the mobile phone without a physical card, along with boarding passes, tickets, digital keys, digital assets, security, and coupon functions can all be used.

In some countries, Apple Pay was introduced in 2014. The reason Apple Pay has not been introduced in Korea to this day is because the technology required for Apple Pay has not been distributed in Korea. Apple Pay uses Near Field Communication Technology (NFC). Since payment cannot be made without an NFC terminal, an NFC terminal is absolutely necessary to use Apple Pay. However, since NFC terminals are not widely distributed in Korea, it is difficult to introduce Apple Pay. In the case of Samsung Pay, it was easy to commercialize because it uses the MST method and there is no fee for domestic card companies. In Korea, there is an opinion that Apple Pay will be introduced beginning in November of this year. However, neither Apple nor Hyundai Card can confirm this opinion, and the introduction of Apple Pay in Korea has not yet been confirmed.

In the future, simple payment technology is expected to develop day by day. The introduction of Apple Pay in Korea has not been finalized, but if various simple payment technologies can be used in our daily life, we will be able to live a more convenient life. How about experiencing a more comfortable life by actively using simple payment technology?

By Nam Chae-young,cub-reporter  ncy0618@naver.com

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