Tag: mobile payments

Visa and Samsung come together to make mobile transactions more secure

Visa has announced that it will be supporting mobile payments on the newly unveiled Samsung Galaxy S6. Samsung revealed the new iteration of its flagship smartphone over the weekend. The device will have several upgraded features over its predecessors, but will also support Samsung Pay, a new mobile payments service that has been devised by Samsung. The new payment service is expected to officially launch in the summer of this year, and will support technology developed by Visa.

Visa Token Service will be used on Samsung Pay

Visa’s Token Service will be supported by Samsung Pay. This service involves the tokenization of consumers information when they make mobile payments. Financial information is converted into digital tokens, which can be used to authenticate a transaction. These tokens each feature a unique, 16-digit number and are created for specific payment environments. For example, tokens generated for the Samsung Pay platform can only be used on that specific platform and no other.

Samsung makes its first official entrance into the mobile payments field

Samsung Pay represents Samsung’s first official step into the mobile payments field. The company has supported mobile commerce for some time, incorporating NFC technology into its mobile devices. This technology makes up the majority of the mobile payments infrastructure, and Samsung was one of the companies to make NFC-enabled devices more available to consumers throughout the world. Samsung will have to compete with other large companies that have established a strong position in the mobile commerce space.

Visa will help make mobile commerce more secure for consumers through the use of digital tokens

Visa’s support of Samsung Pay may help make the new mobile payments service wildly popular. The use of digital tokens will make Samsung Pay quite secure, when compared to other payment services. Mobile transactions can be made more secure through the use of biometric technology, as well, but tokenization has received more support from Samsung with its latest mobile device. Samsung Pay will be able to be used online and in physical stores that support mobile payments.

The retailer has decided to take its own direction instead of choosing to accept payments through Apple Pay.

Neiman Marcus, the luxury retailer, has now joined forces with Capital One in order to create its own mobile wallet so that its credit card customers will be able to use an app on their smartphones in order to pay for purchases while in store.

At first, the mobile app will be available only as an iOS application, so it will be for iPhone users.

This mobile wallet app will integrate with a number of different credit cards, including the Neiman Marcus card, in addition to Bergdorf Goodman, American Express, MasterCard, Visa, and Discover. Similar to Apple Pay, it will make it possible for customers to be able to buy items, in-store, without having to use their actual plastic credit cards. At the moment, the app won’t support the use of gift cards.

This helps to explain why Neiman Marcus chose not to sign on with the Apple Pay mobile wallet.

It is clear that the retailer preferred to create its own competing mobile payments platform. That said, what is quite interesting about this application, and what makes it very different from Apple Pay is that it is compatible with more versions of the smartphone. At the moment, Apple Pay can be used only with the iPhone 6 and the iPhone 6 Plus. However, the mobile payments wallet from Neiman Marcus will be available to users of several different versions of that iOS based smartphone.

While Apple Pay may be the most well recognized and visible smartphone wallet, there isn’t a single app in this space that has reached the point that it can say that it can block out most other competing applications that are hoping to make their way into this space.

Neiman Marcus isn’t the only one to choose not to sign on with Apple and that has decided to create its own mobile wallet. Starbucks – the company that is typically considered to be the most successful mobile payments venture in the United States – has also done so, as have Walmart, Exxon Mobil, 7-Eleven, and Southwest Airlines.