Samsung Pay will have the backing of both Visa and MasterCard
Samsung is beginning to partner with large financial organizations, such as MasterCard and Visa, in order to improve the launch of its new mobile payments service, called Samsung Pay. By teaming with these companies, Samsung may have a greater reach in markets where mobile payments are thriving. Other companies, such as Apple, have done this for the launch of their mobile payments services, and launch partners for these services have proven to be quite powerful allies.
New mobile payments services uses Magnetic Secure Transmission technology to make transactions more convenient
Samsung Pay has been designed to allow consumers to make secure mobile transactions. The service makes use of NFC technology, which is quite common in the mobile payments sector, and technology called Magnetic Secure Transmission. This allows Samsung to be used at locations that do not have NFC support, which will make it easier for consumers and merchants to participate in mobile commerce from any device that is being used.
Samsung believes its mobile payments service will change the way people shop and pay for goods and services
The company believes that its new payment service will change the way people pay for goods and services. This has been a common belief in the world of mobile commerce, largely because consumers are beginning to favor their mobile devices over more conventional forms of commerce. Samsung may be able to deliver on its hope to revolutionize mobile commerce through its partnerships with Visa and MasterCard. Both of these companies have extensive experience with mobile payments, especially when it comes to making transactions secure.
Visa and MasterCard may help make mobile payments more secure
Mobile security is one of the major challenges currently facing mobile payments. Because the sector is relatively young, it has not had time to establish appropriate defenses against those that would seek to exploit a consumer’s financial information. With the help of Visa and MasterCard, Samsung Pay may be able to offer a secure solution for those that are interested in mobile payments.
The industry is discovering that there are some serious benefits to implementing smartphone friendly strategies.
The World Tourism Organisation has reported that one of the primary socio-economic development drivers in Africa is the growing tourism industry, and mobile technology is playing an increasing role in the boom of international visitors to countries across that continent.
In 2000, there had been an estimated 26 million visitors to Africa, but by last year, that figure skyrocketed to 56 million.
FNB Business niches head, Wiza Nyondo, explained that “Tourism in Africa continues to prove its resilience despite numerous challenges across the continent. In South Africa, the sector faces challenges such as the lack of consistent power supply and restrained economic growth. However, a weaker Rand mitigates some of these factors as the country remains a cost-effective destination for international travelers.” Nyondo went on to express that mobile technology in tourism has created a “boom”, and that it is vital for the local sector to take hold of that information and use it to sustain the highly favorable growth rate.
Among the mobile technology offerings that were identified as beneficial were apps and payment systems.
He explained that mobile tech developments have already shown themselves to be “differentiators for tourism industry players” because they give those various participants a means by which they can showcase their services and form a real-time connection with potential customers. Furthermore, the latest smartphone and tablet based tech makes it possible for clients to use mobile platforms for processing payments, which enhances the convenience for both tourists and the individuals and companies that are serving them.
Among the primary challenges being faced at the moment is in the speed of the rollout of new and useful technologies and in the expansion and improvement of the current infrastructure. The reason is that those components are large scale projects but they will be absolutely vital to the evolution of mobile marketing, m-commerce, and smartphone based banking and payments on the African continent.
Nyondo also pointed out that the continued success and contribution of mobile technology in tourism will require “a strong and highly competitive local banking sector”.
