Weekly email of our best stuff
Hello and welcome to contact us page at eProfits
How can we help you today?
The online payment company PayPal has announced collaboration with Samsung recently, by enabling electronic money t...
The online payment company PayPal has announced collaboration with Samsung recently, by enabling electronic money transfers on Samsung's latest smartphone, the S5. Samsung unveiled the Galaxy S5 at the recent Mobile World Conference in Barcelona. Amongst the many impressive features, the Galaxy S5 packs a fingerprint scanner embedded in the home button, that allows users to purchase items via PayPal.
PayPal's payment system doesn't require any logins or passwords, and verifies a payment simply by the brushing of the user's fingertip across the scanner.
The Galaxy S5 is the second smartphone that includes a fingerprint scanner. The first smartphone to do that is Apple's iPhone 5s, but its use has been limited to processing payments in Apple's iTunes and the App Store only. Samsung's S5, on the other hand, embeds a fingerprint sensor for a broader, worldwide use.
John Lunn, PayPal's senior director of development, says that users shouldn't be concerned about privacy. He claims that fingerprinting is a good mechanism, as it has been used by the police. Also, Lunn ensures that biometric data is not stored on the phone.
"It's not storing your fingerprints locally. It takes your fingerprint, encrypts it, sends it to PayPal, they decrypt it, checks it's the same, and then you're authenticated. It's very, very secure," says Lunn.
Mobile payments experience rapid growth by the year. Online money transfer company PayPal supervised $27 billion-worth of mobile payments in 2013, $14 billion in 2012, and $6 billion in 2011.
PayPal's smartphone payment system will be available once Samsung Galaxy S5 hits market shelves early April.