Author: Stephen

Samsung begins testing its new mobile payments service

| September 3, 2015

Invite-only beta even launched by Samsung

Samsung has opened beta testing for its new mobile payments solution, Saumsung pay. The invite-only beta has opened approximately one month before the service is set to launch to the public. Like other mobile payments solutions, Samsung pay will allow users to make payments using nothing more than their mobile devices. These payments can be made at physical stores and online, with many retailers already having shown support for the service.

Samsung Pay is equipped with technology developed by LoopPay

Samsung Pay is based on technology developed by LoopPay, which Samsung had acquired earlier this year. The technology allows retailers to accept mobile transactions without having to purchase additional hardware. Other mobile payments service require retailers to use hardware that is able to decipher the information used by these services. This is because most mobile payments services make use of NFC technology, which requires complimentary hardware in order to be used effectively.

Samsung will face competition from both Apple and Google when it comes to mobile payments

samsung - mobile payments testingWhile Samsung will face major challenges in the mobile payments space, it believes that it will be able to compete effectively within the growing market. Samsung is facing down competition from Apple, which has already launched its own mobile payments service and has plans to expand the service in the coming months. Google is also expected to join the fray soon with the launch of its own payments service, called Android Pay.

Qualifying for the beta event requires consumers have Bank of America or US Bank cards

In order to be eligible for the beta test of Samsung Pay, consumers will have to have a Bank of America or US Bank card. While the service will support other payment cards at launch, only cardholders from these two banks will be eligible for a beta invite. Consumers will also have to have a Galaxy S6 or Galaxy S6 Edge device from AT&T, T-Mobile, Sprint, or U.S. Cellular. Those without these devices will not be able to make use of Samsung Pay during the beta testing period.

Equifax teams with Danal to make mobile commerce more convenient

| September 1, 2015

Companies partner to introduce Instatouch Mobile Commerce Services for consumers and merchants

Equifax and Danal, two credit organizations, have announced a partnership geared toward making mobile commerce more convenient for consumers and merchants. A growing number of merchants are trying to capture the favor of shoppers with smartphones , many of whom are beginning to rely on their devices to purchase products online and in physical stores. Together, the two organizations will attempt to reduce the friction of mobile spending with the Instatouch Mobile Commerce Services.

Mobile Identity Suite will allow Instatouch to immediately authenticate mobile payments

Instatouch will be powered by Danal’s real-time Mobile Identity Suite, which will provide authentication services that are designed to protect the financial information of consumers using the service. With instant verification, consumers will be able to make payments in a quick and efficient manner, which will help make mobile shopping more convenient than it has been in the past. Reducing friction may help increase the adoption of mobile commerce among consumers, giving retailers new opportunities to engage them in the mobile space.

Merchants are looking for effective ways to engage consumers that are relying on their mobile devices to shop online

Mobile Commerce - PartnershipMobile commerce has been growing rapidly among consumers and retailers in recent years. Merchants are interested in engaging mobile consumers because they tend to spend more money while shopping on their smartphones and tablets. Doing so has been difficult, however, as some retailers have found it difficult to establish a foothold in the mobile commerce market. New services, such as Instatouch, could alleviate this issue, making it easier for merchants to engage consumers that are interested in mobile shopping.

Merchants and consumers are still worried about the security of mobile commerce and shopping online

While mobile commerce is growing quickly, many retailers and consumers are still concerned about security issues. Retailers will have to use services that can affectively protect themselves and their customers from exploitation, especially as more malicious groups seek to take advantage of financial information shared over mobile networks. Equifax has significant experience when it comes to security.