Samsung set to unveil new mobile payments service

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Samsung may be preparing to show off its new payments platform

Samsung may be planning to reveal its new mobile payments platform as early as next week. The company is expected to unveil the platform at the upcoming Mobile World Congress. The company is speculated to have partnered with Visa to develop the new service, which is called Samsung Pay. The new platform could serve as direct competition with Apple Pay, which has managed to establish a strong foothold in the mobile payments sector in the United States.

NFC technology will continue to be supported in the mobile commerce space

Samsung has shown significant interest in mobile transactions in the past. Many of the company’s smartphones are equipped with NFC technology. This technology can be used for various purposes, such as engaging with dynamic marketing and sharing digital media with other NFC-enabled devices. NFC does comprise the backbone of most mobile payments services, however, making it one of the foundational technologies in the mobile commerce space. Samsung is expected to roll out the service alongside the launch of its new smartphone, the Galaxy 6, which will also be equipped with NFC technology.

Samsung Pay will not only support NFC-based mobile payments

Mobile Payments - SamsungThough much of the mobile payments space is governed by NFC technology, Samsung Pay may not be exclusive to those with NFC-enabled devices. The new platform is expected to be able to support mobile transactions even without utilizing NFC technology. This could make it more accommodating to consumers that do not have NFC-enabled devices and make it more accessible to the retail industry as a whole. Retailers without NFC-enable point-of-sale systems would be able to accept transactions made through Samsung Pay.

Samsung Pay could become significant competition for Apple Pay in the coming months

Rumors suggest that Samsung Pay will be compatible with as much as 90% of the point-of-sale systems that are being used by retailers currently. If this is true, this would make it more accessible than Apple Pay, which supports only NFC-based transactions. Samsung Pay could, therefore, become a major competitor to Apple Pay.

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