Samsung Pay to be available on less expensive Samsung devices
Samsung Pay, the new mobile payments service from Samsung, is expected to launch in the United States next year. The service will not only be available to those with the latest Samsung devices, however, as the company intends to make it available for older, less expensive devices when it is launched. Samsung Pay is also expected to begin accepting online payments when it is launched in the U.S., which will put the service in direct competition with companies like PayPal.
Samsung expanding the availability of mobile payments service may be a boon for consumers
Samsung has not yet offered specific information concerning the availability of Samsung Pay on less expensive mobile devices, but this is expected to make the service much more attractive to consumers. While the Samsung Galaxy S6 and Note 5 have become quite popular among consumers, many still prefer inexpensive devices as they satisfy their needs without being coupled with overwhelming costs. Many of these devices lack NFC technology, however, which has become a very powerful mobile payments tool. Without NFC technology, many consumers cannot participate in mobile commerce, but this is an issue that Samsung is looking to address.
Samsung to bring new service to other markets throughout the world
The new mobile payments service will not be restricted to the United States, of course. Samsung plans to launch the service in several other countries, having already completed testing of the service in its native South Korea. Several countries have begun experiencing strong growth in the mobile payments sector, with consumers beginning to favor their smartphones to do their shopping and send money to one another.
Digital wallets are becoming more popular among consumers
Samsung Pay is designed to function as a digital wallet, which will be able to store information from consumers and merchants alike. Storing financial information can expedite the checkout process, making it easier for consumers to purchase products in physical stores. The mobile payments service will also feature security features that are meant to protect consumer information and keep them free from exploitation.
PayPal survey shows that retailers are beginning to focus more heavily on young consumers
Retailers are likely to focus more on young consumers in the coming years as mobile commerce becomes more prevalent. A recent survey from PayPal found that some 59% of smartphone shoppers are between the ages of 18 and 34. These consumers are also more likely to conduct their mobile shopping through an application rather than a mobile website. Apps are seen as more convenient by many consumers and they offer a better shopping experience.
Consumers have strong interested in NFC technology
The survey from PayPal found that 47% of consumers prefer to shop through apps rather than mobile browsers. Notably, those preferring to shop with their smartphones noted that the feature they are most interested in seeing in the future is the ability to tap a phone to a payment terminal to make a purchase. This may be good news for companies that are investing in NFC technology, which is used in the mobile commerce space to transmit digital information over short distances.
China is leading the way when it comes to mobile shopping
PayPal’s survey found that China is home to the largest mobile shopping population. Approximately 68% of Chinese consumers shop online, either from a mobile device or a computer. The United Arab Emirates and Turkey follow behind China, with healthy online shopping activity. The most commonly purchased product purchased by China’s mobile shoppers were leisure products. In the United States, consumers used their mobile devices to purchase food and drink more than any other product category.
Retailers are beginning to focus more on apps rather than mobile websites
While consumers reported that mobile-friendly websites would encourage them to shop more frequently, they still prefer applications. Apps are often seen as more secure and capable of meeting the needs of consumers. Retailers have been working to improve their mobile websites, but a growing number of these companies have begun relying on apps in order to effectively engage consumers. Some retailers are also beginning to develop their own mobile commerce apps, hoping to secure a new generation of mobile shoppers.
