Tag: LoopPay

Samsung may be set to unveil its own mobile payments service

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

Mobile Payments ServicesReports 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.

Consumer experience may be the future of mobile payments

Mobile commerce in 2015 may see a new focus on consumer experience

Mobile payments may thrive in the coming year as companies begin to place more focus on improving consumer experience and adding new services to their payment platforms. During the Consumer Electronics Show in Las Vegas, Nevada, representatives from companies that are deeply involved in the mobile payments space shared some insight into the future of digital commerce. Executives from Coinbase, a Bitcoin firm, MasterCard, and LoopPay attended the event, where they predicted that 2015 would be a good year for mobile commerce.

Many do not see mobile payments as a viable alternative to their wallets

According to Will Graylin, CEO of LoopPay, one of the greatest challenges that mobile payments faces currently is that consumers do not see mobile platforms as a reliable alternative to their physical wallets and payment solutions. Graylin suggested that if mobile payments are accepted at 220,000 retailers in the United States, compared to the more than 10 million locations that accept traditional forms of payment, consumers are not likely to show much enthusiasm for mobile commerce. Overcoming this challenge has become a priority for the mobile commerce industry.

Improving consumer experience may help mobile commerce thrive

Mobile Payments - Consumer ExperienceIn the coming year, businesses may be putting more focus on their mobile initiatives. Adam White, director of business development and strategy for Coinbase, suggests that services with location-based rewards and other features may find more success. The demand for all-in-one solutions, where consumers can compare prices, find deals offered by local retailers, and pay for their products is growing. Accommodating this demand could help mobile payment firms gain significant momentum among consumers.

Firms that focus on consumer experience may find the success they need

Consumer experience may be the thing that directs mobile commerce efforts going into the future. Providing consumers with an enjoyable and convenient experience has helped some payment services find success. As consumer experience becomes more important, payment firms are likely to introduce new features to their services, which include location-based rewards, support for a wider range of loyalty programs, and better payment infrastructure support.