Samsung is hoping to take a bite out of Apple, and cash in on a share of the more-than-$30 billion in swipe fees collected by credit card companies every year.
How? By removing one of the main stumbling blocks to expanding mobile-payments among consumers. Namely, too many retailers don’t have the devices needed to process the payments.
So far, only about 200,000 of the 12 million checkout points in the U.S., have the machines to process payments from apps like Apple pay.
Samsung’s new Galaxy 6 smartphones use a technology that radiates magnetic energy from your phone directly into traditional credit-card readers, essentially turning your phone into a credit card.
Click the media player above to hear more.
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.