Samsung is placing a much bigger emphasis on security and borrowing a page from Apple’s iPhone 5s when they release the new Samsung Galaxy S5 smartphone.
Users of the new Samsung Galaxy 5 phones will be able to unlock their smartphones with their fingerprints, in addition to unlocking their phones with their fingerprint users can also store private information on their phone that will require their fingerprint to unlock, instead of the traditional PIN, which is going to be a huge deterrent for people that are trying to access information on your phone.
Another addition to the new biometrics on the Galaxy S5 is the ability for users to make payments with their fingerprint. PayPal is the first payment provider to use fingerprint verification, which enables users of the Galaxy 5 to shop and make payments with their fingerprint at any store that accepts PayPal as a method of payment, you can even use this payment method at physical stores too.
The chief product officer of PayPal said in a statement that said that people don’t have to sacrifice convenience for increased security, which was what they had in mind when they agreed to work with Samsung to leverage the fingerprint technology.
People that are worried about their biometrics being stored on PayPal’s servers don’t have to worry, what happens when you want to complete a transaction is that their phone shares an encrypted key that is unique to your phone with the PayPal servers that allows them to verify their identity, without PayPal storing any additional data.
The new biometrics that Samsung is adding to the Galaxy S5 is going to change the way a lot of companies do business, with PayPal, a trusted and popular method of sending and receiving money on board as a partner, people should expect other big financial institutions to get on board with the new fingerprint verification payment method.