Tag: apple

Samsung’s mobile payments service to launch in the US soon

| January 6, 2016

Samsung Pay is set to come to the United States in the coming months

Samsung Pay, Samsung’s new mobile payments service, is expected to launch in the United States in the coming months. The service was first launched in South Korea in 2015, where Samsung has been testing the service and fine tuning its features. Samsung Pay is set to compete with other mobile payments services in the U.S., particularly those coming from Google and Apple. The company is confident, however, that the service will appeal to U.S. consumers, especially as new features are being introduced.

New mobile payments service will be available on a variety of mobile devices

Recently, Samsung announced that its mobile payments service will be available on non-flagship devices, which are not equipped with NFC technology. NFC has become the backbone of mobile commerce, allowing digital information to be transmitted over short distances. In the past, the lack of NFC-enabled mobile devices made it difficult for consumers to make mobile payments, but device makers have brought numerous devices equipped with NFC technology to the global market, expanding the reach of mobile payments.

Samsung Pay will support Magnetic Secure Transmission technology

Mobile Payments - Samsung Pay to launch in USSamsung Pay is, of course, not a copy of other payment services. The service features support of Magnetic Secure Transmission, which is why consumers do not need NFC-enabled devices to make use of it. This technology allows Samsung Pay to work in a way similar to existing debit and credit cards. Samsung believes that this feature can be expanded to make mobile payments more convenient for consumers throughout the United States.

Security will continue to be a challenge for those involved in mobile payments

One of the challenges Samsung will have to overcome to find success in the U.S. is security. Many consumers have shown caution regarding mobile payments because of security risks, as they fear that their financial information may be exploited by malicious parties. Samsung, and other companies, have been working to address security issues, particularly through the use of biometric technology, which leverages biological information, such as a fingerprint, to secure consumer information.

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.