Smartphone Payment

Smartphone Payment is the latest path to cashless transaction in most of the world. Apple Inc, Samsung and Google Inc are working hard in the USA to provide secured payment facility for their customers. Customers’ can use their Smartphone App to make the necessary payment to the terminal. Samsung devices use either NFC or MST mode to purchase products and services. But many middle aged people are not like to go on with it as they are not familiar with it. Only younger generation people are trying these methods with cash less purchase.In the USA lot of people are turning towards this method as they can include credit cards in to their cash less payment method. and still there are problem while making transactions at the point of sale.

When you make a payment with your Smartphone you will be prompted to verify the transfer through your Smartphone.

Mean while the traditional plastic card payment method is not loosing its ground. And the producers are making it more secured with new EMV chip cards with bio metrics in it.


Recently a company named SmartMetric has added a fingerprint scanner built inside EMV payment credit and debit chip cards, thereby creating a second layer bio metric authentication protection in defending against card fraud. The company is now actively marketing its technology to card issuing financial institutions around the world.

Near Field Communication (NFC) used to allow two devices placed within a few centimeters of each other to exchange information.

This NFC payments require merchants to have upgraded payment terminals. Magnetic Secure Transmission (MST) sends a magnetic signal from a compatible device to the payment terminal’s card reader. For this MST payments doesn’t need the merchant to upgrade the payment terminal. Samsung Pay allows to use at nearly all payment terminals with a card reader.

More over Samsung Pay uses both NFC and MST to send payment information to the terminal. In addition the transaction is seamless, whether using NFC or MST, allowing for a better user experience. However both technologies are equally secure, using a unique digital card number in place of your actual payment card’s number. In addition your information is kept private and secure, and only your bank and the card’s payment network will have information on the transaction.

In Sri Lanka nearly all the banks are providing this Smartphone App payment facility. Customers can pay securely for their purchases or for thier received services through this method.

To find out more on Samsung Pay visit here.

Combank, Sri Lanka. ComBank Q+ Payment App.
Bank of Ceylon – BOC SmartPay
HNB Bank SOLO digital payments App.
Sampath Bank PLC – Sampath Wepay.
Seylan Bank. SeylanPay QR payment
eZ Cash app, allows “Scan to Pay” and “Scan to Transfer” Services.

Samsung Phone Prices.