Tag: mobile commerce news

Samsung smartwatch will support mobile payments

| June 10, 2015

Samsung plans to launch a new smartwatch later this year

Samsung is planning to launch a smartwatch during the second half of this year and the company has plans to give the device the ability to make mobile payments. The South Korean company has been playing a larger role in the mobile commerce space in recent years and has announced that it will launch its own mobile payments service this year. Samsung Pay is expected to launch in the coming months and may come pre-installed on the company’s new smartwatch.

Wearable devices could become powerful mobile payments tools

Smartwatches are beginning to gain more attention from consumers. These devices function in much the same way that smartphones do, but they can be worn rather than carried. Wearable devices have somewhat limited functionality, but they could become powerful tools in the mobile commerce space. Because smartwatches are worn on the wrist, they are more accessible and can make mobile payments somewhat more convenient for consumers.

Device will come equipped with NFC technology and, possibly, Samsung Pay

Mobile Payments - Support from SamsungThe smartwatch that Samsung intends to launch will make use of NFC technology to make mobile payments possible. This technology allows digital information to be transmitted over short distances. NFC has served as the backbone of the mobile commerce space for several years and is used in many mobile commerce platforms. Some organizations have begun to move away from NFC technology in order to make mobile payments more accessible to those without NFC-enabled devices, but this technology remains the prominent aspect of the mobile commerce world.

Samsung will have to fight to compete with other companies that have established a lead in the mobile commerce space

Samsung has said that it plans to release its new mobile payments service at some point in July, but there is no clear release date at this time. Samsung has not yet announced a release date for its new smartwhatch either. The company is falling somewhat behind its competitors when it comes to mobile payments, but it may manage to catch up if it can provide consumers with an enjoyable and convenient service.

Banks could benefit by embracing mobile payments

| June 9, 2015

Adyen report highlights the potential power of mobile payments for banks

Adyen, an international payment services company, has released its latest Mobile Payments Index report, which is published every quarter and highlights the trends that exist within the mobile commerce space. The report shows that more than 27% of global payments are being made on mobile devices, and this number is expected to increase in the coming years as more merchants engage mobile consumers. Financial institutions may be missing out on a major opportunity in this sector, however, because of their relatively slow adoption of mobile payments.

Point-of-sale applications from banks could become powerful tools for merchants

The report suggests that banks could be losing revenue if they do not provide their merchant customers with effective point-of-sale applications. While the majority of mobile payments are made online, a growing number of people are beginning to use their devices to purchase products in physical stores. Without the needed point-of-sale applications, retailers will find it difficult to participate in mobile commerce, which may become a problematic issue for them in the coming years.

Banks could see major benefits from the mobile commerce space

Mobile Payments Benefit BanksBanks could benefit greatly from embracing mobile payments. Offering mobile services to customers can enhance the relationship with these customers, potentially ensuring their continued loyalty. Mobile commerce services could also become a significant revenue stream for banks, largely due to the rapid growth that the mobile payments market is experiencing currently. Mobile services could also give banks access to more consumer data, which would allow them to market products more effectively and provide better services in the future.

Banks are still concerned about the security of the mobile payments sector

One of the reasons that banks have shown some hesitation in engaging in mobile payments has to do with security concerns. The security of mobile commerce platforms has been a hot topic in the past and many banks are not yet convinced that consumer financial information can be protected in the mobile commerce space. Improved security has relieved some of these concerns, but they still remain.