The two companies have come together to help to turn smartphones in a digital form of wallet.
Samsung and Visa have just announced that they will be working together to help to speed up the worldwide adoption of mobile payments services, by combining their expertise and technology.
This new combined effort will be based on NFC technology that is embedded in certain Samsung devices.
Called the Visa Mobile Provisioning Service, is designed to allow financial institutions to take advantage of transactions using mobile payments account information that is securely downloaded through the use of NFC technology.
Furthermore, the Visa payWave mobile payments applet will be loaded onto Samsung NFC devices.
This will automatically turn smartphones into a mobile payments option for the consumers who purchase them. According to the global head of product at Visa, Jim McCarthy, in a statement, “Samsung devices enabled with Visa payment functionality will no doubt be a powerful product offering — especially in markets where paying with a mobile device is becoming commonplace.”
McCarthy also added that the heart of ensuring that mobile payments become widely available worldwide is to provide financial institutions with a secure way of offering these millions of smartphone carriers with a way to safely store and transmit their account data. He explained that “that is exactly what Visa and Samsung are ready to deliver.”
This is not the first time that Samsung and Visa have worked together on mobile payments initiatives. They previously came together in May 2012 to take part in the trial that was held during the Olympics in London, when the limited edition Galaxy S III smartphone was distributed among the athletes for use during the games. Those phones had the payWave technology built in and allowed the users to register so that they could use the device to for a digital checkout at certain retailers in the city.
The next version of the device, the Galaxy S IV, will have the Visa mobile payments technology built right into it for use with its NFC chip. It is expected to be unveiled on March 14 at a press event.
Visa making moves to expand mobile commerce
Visa has taken a strong interest in mobile commerce recently. The company has been working to broaden its horizons as the world of commerce evolves due to the proliferation of mobile technology. More consumers are relying on their smart phones and tablets to make purchases online as well as manage their various bank accounts. Some businesses, especially those in the retail sector, have found it difficult to keep up with consumers in the realm of mobile commerce, leading Visa to take steps to expand the availability of tools these businesses have to accommodate the needs of consumers.
Visa and ROAM team to make acceptance of mobile commerce easier for businesses
Visa has announced that it has entered into an agreement with ROAM, a leading mobile commerce provider. Through this new partnership, the two companies aims to expanding the reach of mobile commerce into new merchant categories. Visa plans to make adopting mobile commerce easier for businesses through making secure mobile payment acceptance solutions more available to them. ROAM is a leader in mobile payment acceptance technology and the company’s solutions are expected to be put to good use by Visa.
Commerce beginning to shift
Visa has an overarching goal of displacing cash payments. Traditional forms of currency have been the dominating force in commerce for as long as commerce has existed, but the advent of technology is beginning to cause a shift in the way people pay for products. Computers opened up the way for electronic purchases, something that Visa claims is significantly more secure and efficient for consumers. The popularity of mobile devices is accelerating this shift away from traditional forms of commerce, and Visa is positioning itself to ensure that mobile commerce becomes a very dominant economic force.
New partnership may help businesses accommodate consumer demand
Businesses have shown extreme interest in adopting mobile commerce services, largely spurred by demand coming from consumers all over the world. It has been difficult for these businesses to accommodate this demand, however, due to the relatively few mobile commerce point-of-sale platforms available to them. The new partnership between Visa and ROAM may help solve this problem.
