Tag: Magnetic Secure Transmission

Samsung has begun testing its mobile payments platform

Samsung tests Samsung Pay in South Korea

Samsung begun testing its new mobile payments platform in South Korea. Called Samsung Pay, the platform aims to become one of the most effective ways for consumers to make mobile payments, competing with other services from companies like Apple and Google. The platform has already generate some degree of hype, and Samsung has tentative plans to release it at some point later in the year, but has yet to announce an official launch date.

Samsung Pay to use magnetic secure transmission to make mobile payments accessible

Samsung Pay works in a similar fashion to other mobile payments platforms, leveraging NFC technology and biometrics in order to authenticate a mobile transaction. The biometrics that the platform uses, which is a fingerprint scanner, will make transactions secure, effectively protection consumer financial information as they use Samsung Pay to purchase products. The platform also makes use of magnetic secure transmission, which is a similar to the magnetic strips that are associated with traditional credit cards.

NFC technology has yet to see widespread adoption among retailers

Mobile Payments being TestedNFC technology is one of the staples of mobile payments, but relatively few retailers have yet to embrace the technology. There are few NFC-enabled point-of-sale systems, which has limited the growth of mobile payments in physical stores. This is why Samsung Pay’s magnetic secure transmission may be a boon, as it will allow the platform to work with conventional point-of-sale systems in order to make mobile payments possible.

Competition in the mobile payments field continues to grow as companies enter into the space

Samsung will be facing harsh competition in the mobile payments space, much of which will come from Apple. Google also plans to launch its own mobile payments platform. This competition will give consumers plenty of options when it comes to mobile payments, but companies may find it difficult to keep the attention of consumers for long. Many consumers have yet to show loyalty to a singular platform, favoring the ability to jump from one platform to another in order to find the most benefit.

Samsung teams with Visa and MasterCard for its mobile payments service

Samsung Pay will have the backing of both Visa and MasterCard

Samsung is beginning to partner with large financial organizations, such as MasterCard and Visa, in order to improve the launch of its new mobile payments service, called Samsung Pay. By teaming with these companies, Samsung may have a greater reach in markets where mobile payments are thriving. Other companies, such as Apple, have done this for the launch of their mobile payments services, and launch partners for these services have proven to be quite powerful allies.

New mobile payments services uses Magnetic Secure Transmission technology to make transactions more convenient

Samsung Pay has been designed to allow consumers to make secure mobile transactions. The service makes use of NFC technology, which is quite common in the mobile payments sector, and technology called Magnetic Secure Transmission. This allows Samsung to be used at locations that do not have NFC support, which will make it easier for consumers and merchants to participate in mobile commerce from any device that is being used.

Samsung believes its mobile payments service will change the way people shop and pay for goods and services

Mobile Payments Partnership - MasterCard, Visa & SamsungThe company believes that its new payment service will change the way people pay for goods and services. This has been a common belief in the world of mobile commerce, largely because consumers are beginning to favor their mobile devices over more conventional forms of commerce. Samsung may be able to deliver on its hope to revolutionize mobile commerce through its partnerships with Visa and MasterCard. Both of these companies have extensive experience with mobile payments, especially when it comes to making transactions secure.

Visa and MasterCard may help make mobile payments more secure

Mobile security is one of the major challenges currently facing mobile payments. Because the sector is relatively young, it has not had time to establish appropriate defenses against those that would seek to exploit a consumer’s financial information. With the help of Visa and MasterCard, Samsung Pay may be able to offer a secure solution for those that are interested in mobile payments.