Category: Mobile Payments

Samsung is closing in on Apple in the mobile payments race

| March 4, 2016

Samsung and Apple may go head to head in the growing mobile market

In the race for dominance in the mobile commerce field, Samsung is beginning to catch up to Apple. Google, Samsung, and Apple have all established a foothold in the mobile payments field with their relatively new services. These services make it possible for consumers to pay for products using their mobile devices, both online and in physical stores. Mobile payments services are growing in popularity, especially in China, where both Samsung and Apple are currently vying for the favor of consumers in the competitive market.

Samsung Pay now has more than 5 million registered users

Samsung recently introduced its Samsung Pay service, which has already acquired a great deal of support from companies and consumers alike. According to Samsung, some 5 million people have already signed up for the service. Samsung Pay has processed more than $500 million transaction in the United States alone since launching in September of last year. The service is quickly closing in on Apple Pay, which has established a strong lead in the U.S.

Apple Pay still has a considerable lead over other services

Mobile Payments RaceApple Pay has an estimated 12 million monthly users throughout the world, experiencing aggressive growth since its launch in October of 2014. The service recently launched in China following some resistance from Chinese banks and is expected to find some modest success. Many consumers have come to show support for Apple Pay because of its security features, which are also present in Samsung Pay and Google’s Google Pay service.

Innovative technology may help Samsung compete with others

While Apple currently holds the lead in the mobile payments space, Samsung is likely to catch up quickly due to the acquisitions it made last year. Samsung acquired LoopPay in 2015, whose technology mimics the magnetic stripes found on most conventional payment cards. This has made Samsung Pay more accessible to a wide range of consumers. Backed by this technology, Samsung may be able to establish a very powerful position in the mobile commerce market, which is expected to reach $142 billion by 2019, according to Forrester Research.

Vehicles could be the next great mobile payments platform

| March 3, 2016

Honda believes that cars could have a place in the mobile commerce space

Cars may soon be the world’s next big mobile payments platform, according to Honda. The Japanese automaker has partnered with Visa to demonstrate a new payment service at the 2016 Mobile World Congress. During the event, Honda showed that applications could be embedded in a vehicle’s infotainments systems, which could then be used to make purchases. This may become quite popular among consumers, as it would allow them to make purchases without having to leave their cars.

Visa is making progress in making mobile commerce more accessible

Visa has been working on ways to streamline the way people participate in the mobile commerce space for some time. Over the past few years, the organization has managed to make it easier for consumers to make simple purchases. The company has also helped make mobile payments more secure through the Visa Token Service, which replaces consumer financial information with digital tokens that can be used to authenticate transactions. Together, Visa and Honda have developed a new proof of concept service that would effectively allow drivers to make purchases from their vehicles.

Vehicles could become the most convenient mobile commerce solution

Mobile Payments - Honda & Visa PartnershipConvenience is one of the most attractive aspects of mobile commerce. Being able to use a mobile device to make a purchase has become quite popular to consumers, many of whom already base much of their lives on their smartphones. These devices can be used to shop for and purchase products both online and in physical stores. With the new service from Honda and Visa, consumers may never to leave their vehicles to pay for products, which would turn vehicles into a new type of mobile commerce platform.

Driverless vehicles could benefit from mobile commerce services

A dedicated mobile payments service may be particularly useful for those with driverless vehicles. As these vehicles can operate themselves, passengers can spend their type shopping for and purchase products that they are interested in. They can do this with their mobile devices as well, but smartphones and tablets may have limited connectivity issues when traveling long distances. This is not typically true for driverless vehicles, as they are designed to make use of an expansive satellite network that allows them to avoid connectivity issues.