Tag: m-payments

New technology could make mobile payments even more convenient

| January 12, 2015

LoopPay’s new technology is meant to make mobile commerce more accessible to a winder range of consumers and businesses

LoopPay, a mobile commerce firm, may be able to make mobile payments more convenient with its new technology. The firm has developed a  small copper loop that is meant to be affixed into a smartphone case or other accessory. When an alternative current is sent through this loop, it can communicate with standard payment systems, such as those used in retail stores to accept credit and debit card payments.

Cooper loop can give nearly any mobile device the ability to make payments in physical stores

The simple copper loop has the potential to make mobile payments much more simpler than they had been in the past. Most modern mobile commerce platforms rely on NFC technology, which allows a mobile device to send digital information over a short distance. In order for retailers to accept NFC-based mobile payments, they must have a point-of-sale system that is equipped with NFC technology. For many retailers, investing in this technology is an expensive endeavor, which is why so many have avoided the mobile commerce field.

New technology could reduce the need for NFC

LoopPay’s new technology can remove the need for these investments, enabling businesses to accept mobile payments with their existing point-of-sale systems. This technology can also provide those without NFC-enabled smartphones a way to pay for products in physical stores without having to use payment cards or physical currencies. These payments would be processed through LoopPay and the simplicity of this service could make the firm much more competitive in the mobile commerce field.

Rumors suggest that LoopPay has begun working with Samsung

Rumors have begun to circulate about LoopPay’s potential partnership with Samsung. According to these rumors, the two companies are working together on a mobile commerce platform that Samsung plans to launch in the near future. Other rumors suggest that the new technology from LoopPay will be incorporated into Samsung’s next smartphone, potentially the Galaxy S6. Neither company has confirmed working together, however, and these rumors remain little more than speculation.

2015 may mark a shift in the mobile payments industry

| January 8, 2015

Mobile commerce may become more refined in 2015

The future of mobile payments is still somewhat uncertain, despite the growing popularity of mobile commerce. In 2015, there may be many changes seen in the mobile payments space, especially as new services become available and more people become comfortable with the idea of paying for goods and services from their phones. Security may become a major issue in 2015 as organizations specializing in mobile commerce begin to take steps to ensure that consumer information is safe from exploitation.

Apple Pay may serve to bolster the power of the mobile payments industry

Much of the conversation regarding mobile payments is likely to revolve around Apple Pay this year. According to a recent report from Forrester Research, the new payment service from Apple is expected to energize the mobile market. The report suggests that Apple Pay will drive the adoption of new wearable devices that have been developed by Apple and help bolster mobile payments overall. The report predicts that mobile payments in the United States will grow to $142 billion by 2019, with new mobile services, like Apple Pay, making it easier for consumers to spend money through their mobile devices.

Security will become a major priority in 2015

Security budgets are likely to increase across numerous industries this year. Many businesses have begun to take security more seriously because of the high-profile data breaches that were seen in 2014. These companies are investing more in security measures, especially those designed for the mobile space. The report from Forrester suggests that security spending will increase this year, but so too will the number of data breaches.

Consumers are becoming more comfortable with mobile payment services

Consumers are expected to become more confident in mobile commerce in the coming year. New services are being launched that include features that consumers have been demanding. These services are also becoming more secure and offering better shopping and payment experiences. As such, consumers are becoming more comfortable with using these services to pay for the products that they are interested in.

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