Tag: NFC payments

New report shows that spending in the IT sector has changed due to the rise of mobile payments

The growing adoption of smartphones and tablets has powered the evolution of commerce. More consumers than ever before are now involved in mobile commerce, the process through which smartphones and tablets are used to shop for and purchase products, both online and in physical stores. A new report from Technavio shows that the growth of mobile commerce has changed spending habits in the global information technology (IT) market. More organizations in this market are focusing their investments on new technologies that can make mobile payments more convenient.

Report shows that companies are investing more in mobile technology

According to the report, the growth of the mobile commerce market has spurred companies to invest more heavily in mobile technology, such as NFC and Bluetooth. More companies are investing in new IT solutions to enhance their technological capabilities and allow them to engage mobile consumers more effectively. These IT solutions may help companies keep pace with the rapidly evolving mobile space, where consumers are often considered quite fickle and difficult to connect with.

Better data may help companies connect with their mobile customers more effectively

Companies interested in mobile commerce have begun to collaborate with companies like IBM and Oracle in order to better understand the needs of mobile consumers. These organizations are providing valuable analytical data that can help companies form better mobile services in the future. These companies are also beginning to invest more heavily in data security, which has been something that mobile consumers have been concerned with for several years.

Banks will be investing more aggressively in mobile commerce in the coming years

Technavio predicts that a substantial portion of the spending on mobile commerce solutions will come from the banking sector. Banks have been investing in digital solutions for years, hoping to provide mobile customers with the services that they need. With rising demand for mobile commerce support, many banks are beginning to feel pressure to adapt to a world that is becoming more mobile-centric.

The South Korean consumer electronics manufacturer is taking its mobile payments system into more countries.

Samsung Pay, the mobile payments system that uses NFC technology through the devices from the South Korean tech giant, will now be headed into a broader range of countries across the globe, expanding it well beyond its very limited initial release.

The mobile wallet will be available to consumers throughout a handful of additional countries worldwide.

In a recent tweet, Samsung expressed that while the NFC technology based mobile wallet is already available in the United States and South Korea, it will become available to millions of additional customers in the very near future. This is because it will be stepping into at least three new countries in the near future. The countries that have been identified, so far, include Australia, Singapore and Brazil. This will more than double the number of countries in which the service is available and will provide the company with a considerably larger opportunity to boost its user base.

Samsung followed up the expansion announcement of its NFC technology mobile wallet with more at CES 2016.

At the Consumer Electronics Show 2016, which was held last week in Las Vegas, Samsung also unveiled a new line of NFC enabled smartwatches which would be compatible with its Samsung Pay service. This means that people won’t be limited to smartphones when they want to use mobile devices to pay for their products and service at checkout counters across the new range of countries where it will be available.

The Gear S2 smartwatch will have the mobile technology needed to be able to be used for contactless payments at points of sale that have NFC readers. Upon the initial release of the wearable technology devices, the Samsung Pay service will still be available only in South Korea and the United States. However, as the expansion of the service occurs later in 2016, it is likely that these gadgets will be able to be used there, as well.

This represents a growing trend of wearable technology devices that are becoming compatible with mobile payments. The use of NFC technology in the Gear S2 could help to push forward the adoption of both mobile payments and wearables, simultaneously, if Samsung is as successful as it hopes to be.