Paypal just announced that they’ll be launching fingerprint-based payments that’s compatible with the Samsung Galaxy S5’s fingerprint scanner and can now be accessed in 25 countries. Additionally, applications for the Samsung Gear 2 are currently available too. Albeit, Paypal has been a bit unclear about the 25 countries where they’ll be launching, so we can’t really say for sure where these places are– all we know is that Paypal is amping up their security further.
Their new system works by having users of the Galaxy S5 log in to their system and authorize payments via swiping their thumb/fingers on the home button of the device. No more entry fields for passwords, no more dots or asterisks to conceal your password. So far, there seems to be nothing wrong with the new system, keeping our fingers crossed that it continues to be that way. Paypal has always been criticized for the flaws in their security system, the company is quite optimistic that their new security measure will be fool-proof. The Chief Wizard of Paypal X UK, John Lunn, stated that:
“Customers can use their finger to pay with PayPal from their new Samsung Galaxy S5 because the FIDO Ready software on the device securely communicates between the fingerprint sensor on their device and PayPal’s service in the cloud. The only information the device shares with PayPal is a unique encrypted key that allows PayPal to verify the identity of the customer without having to store any biometric information on PayPal’s servers.”
As for the wearable apps of Paypal, they’ll let people check their Paypal balances, get notifications for payments and invoices, and they can save offers from nearby business establishments. Not that your smartphone can’t do any of those stuff, but remember that smart-watches are more powerful now– a far cry from the original “smart” watch, which is the calculator watch. If you’ve used your Galaxy Gear and you have the eBay app installed, then expect something similar from Paypal. On the other hand, the Paypal app should be available for those who own a Samsung Gear, hopefully it won’t be limited to 25 countries only.
Source: Phone Arena