According to report in Business Korea, the manufacturer is working to implement a mobile payment system in partnership with PayPal in an upcoming smartwatch, which could be released at the Mobile World Congress 2015. This smartwatch will include biometric security using some sort of fingerprint scanning technology from Synaptics to secure these payments.
“We are currently developing the smartwatch equipped with fingerprint identification technology and relevant solutions through cooperation with PayPal, the world’s most renowned financial transaction service company, as well as Synaptics, a global company specialized in biometric verification. By the earliest, the third generation smart watch to be released early next year will have this new system in which payment is authorized immediately when users identify themselves through biometric sensors such as a fingerprint or login,” an unidentified Samsung official told Business Korea.
According to the report, the smartwatch will also include an app to information the consumers about the relevant promotions from the nearby stores and let the consumers select goods even before entering the store and then they can pay using the smartwatch at the time of the receipt.
No other details about the smartwatch are available at this point but we hope to hear more in the form of leaks in the weeks leading upto the announcement.