Category: Mobile Payments

Apple’s mobile payments platform to launch in Asia in 2016

| January 4, 2016

Apple Pay will expand in early 2016, giving more consumers access to mobile payments

Apple Pay is set to expand to prominent markets in Asia. The mobile payments service has managed to find modest success in the United States, but it has yet to become a mainstream service that consumers favor over other alternatives. Apple believes that the service will find significant success in Asian markets due to the growing number of people relying on their mobile devices to shop for and purchase the products that they are interested in.

Apple Pay to come to China, Hong Kong, and Singapore

Apple is preparing to launch its new mobile payments service in China, Hong Kong, and Singapore next year. The company is also expected to bring Apple Pay to Spain at some point in 2016, tapping into the growing mobile payments market in Europe. Notably, China and Hong Kong may be where Apple Pay finds the most success, but also the most competition. Mobile payments have been popular in Hong Kong for several years, with many companies having already established a major foothold that will make it difficult for Apple to find any traction. This is also true in China, where massive companies like Alibaba and Tencent have become involved in the mobile payments space.

Competition is strong in the Asian mobile payments space

Mobile Payments - Apple Pay in AsiaWhile Apple Pay will be coming to new markets, Apple has been experiencing some pushback from financial institutions in several markets. Banks, in particular, are unsure of the value of Apple Pay, largely due to the other payment services that exist. Some of these banks have their own mobile payments platforms and see Apple Pay as something that will have only moderate appeal to consumers.

More retailers are beginning to support mobile payments

China is currently the leading mobile payments market, with many companies offering some degree of mobile commerce support. As smartphone penetration increases in the country, more consumers are beginning to rely on their devices to shop for products online. As a result, retailers are beginning to show more favor for mobile payments services, which allow them to better connect with consumers.

Samsung’s mobile payments service to launch in US next year, with new features

| December 31, 2015

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

Samsung Mobile PaymentsThe 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.