Samsung rumored to be ready to reveal new payments service along with its new devices
Samsung is gearing up for the unveiling of its new Galaxy S6 smartphone, as well as several other devices, but it’s the company’s push into the mobile payments space that may generate a veritable tidal wave of hype. Samsung is set to host it’s Galaxy Unpacked event at the beginning of March, and many industry analysts believe that the company will showcase its new mobile devices during that time. They also suggest that Samsung will announce its new mobile payments system, called Samsung Pay.
Galaxy S6 may support Samsung’s entry into the mobile commerce sector
Samsung is expected to reveal the new Galaxy S6 at its upcoming event, as well as the Galaxy S6 Edge, which features a dual-edge display. These devices will be the next step in the evolution of Samsung’s already rampantly popular Galaxy brand and they are expected to support the company’s potential bid for dominance in the mobile payments field. Samsung Pay is rumored to be based on technology developed by LoopPay, a mobile commerce firm that has recently partnered with Samsung.
Samsung Pay may make use of technology developed by LoopPay
Reports suggest that the new payment service will take advantage of a non-swipe fingerprint scanner that will be featured in the Galaxy S6. This will allow users to place their finger on the device’s Home button to unlock the phone and authenticate mobile transactions. The new service from Samsung will also use a tokenization system that has been developed by LoopPay. Tokenization has become quite popular in the mobile payments space as it removes the need to use a consumer’s financial information directly, replacing this data with digital tokens.
Tokenization could make mobile payments more secure
A tokenization system could give Samsung Pay a competitive edge over other payment services. Because mobile commerce deals in the trafficking of financial information, it has become a popular target for malicious groups that seek to exploit this information. With digital tokens, there is no direct use of financial information, and these tokens can help make mobile payments much more secure than they are currently.