Tag: us mobile payments

Samsung’s mobile payments service to launch in the US soon

| January 6, 2016

Samsung Pay is set to come to the United States in the coming months

Samsung Pay, Samsung’s new mobile payments service, is expected to launch in the United States in the coming months. The service was first launched in South Korea in 2015, where Samsung has been testing the service and fine tuning its features. Samsung Pay is set to compete with other mobile payments services in the U.S., particularly those coming from Google and Apple. The company is confident, however, that the service will appeal to U.S. consumers, especially as new features are being introduced.

New mobile payments service will be available on a variety of mobile devices

Recently, Samsung announced that its mobile payments service will be available on non-flagship devices, which are not equipped with NFC technology. NFC has become the backbone of mobile commerce, allowing digital information to be transmitted over short distances. In the past, the lack of NFC-enabled mobile devices made it difficult for consumers to make mobile payments, but device makers have brought numerous devices equipped with NFC technology to the global market, expanding the reach of mobile payments.

Samsung Pay will support Magnetic Secure Transmission technology

Mobile Payments - Samsung Pay to launch in USSamsung Pay is, of course, not a copy of other payment services. The service features support of Magnetic Secure Transmission, which is why consumers do not need NFC-enabled devices to make use of it. This technology allows Samsung Pay to work in a way similar to existing debit and credit cards. Samsung believes that this feature can be expanded to make mobile payments more convenient for consumers throughout the United States.

Security will continue to be a challenge for those involved in mobile payments

One of the challenges Samsung will have to overcome to find success in the U.S. is security. Many consumers have shown caution regarding mobile payments because of security risks, as they fear that their financial information may be exploited by malicious parties. Samsung, and other companies, have been working to address security issues, particularly through the use of biometric technology, which leverages biological information, such as a fingerprint, to secure consumer information.

In-store mobile payments are booming in the US

| December 16, 2015

More consumers are using their mobile devices to make purchases in physical stores

In-store mobile payments are becoming more common in the United States, according to a new report from Deloitte. The report shows that more consumers are beginning to use their smartphones in stores, taking advantage of the mobile payments systems that retailers have in place. Retailers have been reporting an increase in mobile traffic in their digital channels, but more merchants are beginning to see consumers making payments with their smartphones and other devices in physical stores.

Report shows that in-store mobile transactions have grown by 18% in 2015

According to the report from Deloitte, the use of mobile payments in physical stores has grown by 18% this year. The report shows that 3% of shoppers are making in-store mobile payments every day, with 5% doing so every week. The most popular use of mobile payments among these consumers was for public parking. Consumers are also using their mobile devices to make purchases at gas stations, coffee shops, and fast food restaurants. Consumers between the ages of 25 and 34 are the leading demographic in the mobile payments sector.

Consumers still have significant security concerns regarding mobile payments

Mobile Payments - In StoreThough consumers are beginning to show more support for mobile payments, they also have significant security concerns. The report shows that these concerns are the leading reason many people do not make mobile transactions. Approximately 49% of consumers place their trust in banks and other financial institutions for the provision of the payment services they use. Companies involved in the mobile commerce space have taken note of the security concerns that consumers have, with many introducing new technology to ensure the safety of consumer information.

Retailers are embracing mobile payments in order to engage consumers

Deloitte has noted that mobile devices are becoming much more than communication tools. More consumers are beginning to rely heavily on their smartphones and tablets for commerce. With more consumers entering into the mobile commerce space, retailers are expected to show more support for mobile payments system, ensuring that they have the ability to engage mobile consumers.