Tag: mobile payments

Samsung to launch its mobile payments service in China this week

| February 24, 2016

Samsung Pay will be launching in China soon

Samsung is planning to launch its first mobile payments service, called Samsung Pay, in China this week. The company is set to compete with Apple, which has only very recently brought its own payment service to the country. Unlike Apple, however, Samsung may have a relatively easy time engage consumers with its new service. Jefferies, a global investment bank, believes that Samsung will find success in the Chinese market, which has become heavily involved in mobile commerce in recent years.

Analysts see Samsung Pay finding more success among consumers than Apple Pay

Jefferies equity analyst Johnny Wong Kin-man believes that there will be less fanfare surrounding the launch of Samsung Pay, but it will likely be more accepted among merchants than Apple Pay. Apple has had trouble ensuring the launch of its payment service in China, where banks had shown relatively little interest in the service. Banks had shown concern that Apple was attempting to take advantage of the mobile commerce ecosystem that they have already established. Apple has since acquired the support of several banks, many of whom see a great deal of promise in the mobile payments space.

Samsung Pay could become a universally accepted payment platform

Mobile Payments Solution to Launch in ChinaSamsung Pay has already proven to be extremely popular among merchants. Samsung predicts that as many as 30 million merchant locations throughout the world will accept the new payment service in the near future. This would make Samsung Pay the world’s first mobile commerce solution that has near universal acceptance. In China, Samsung Pay may become quite popular among consumers that have become reliant on their mobile devices while shopping.

Samsung will face significant competition from Alibaba and Tencent

While Samsung may be able to find more success than Apple, it will face major competition from other companies that have become involved in mobile payments. Both Alibaba and Tencent have established major footholds in the mobile space, with consumers using the platforms these companies have develop to purchase products online and send money to one another.

Visa Europe to expand tokenization in support of mobile payments

| February 23, 2016

Visa Europe will be expanding its innovative tokenization service to support cloud-based transactions

Visa Europe is expanding its tokenization service to support cloud-based transactions coming from the mobile payments platforms that banks are using. The organization is responding to growing demand for payment support for mobile devices throughout Europe. Many consumers are beginning to rely on their mobile devices to shop online and in physical stores, which they consider to be more convenient than conventional forms of commerce. They also want to ensure that the services they are using are secure, which is where tokenization comes into play.

Tokenization has helped consumers become more comfortable with the concept of mobile commerce

Tokenization allows mobile payments to be made securely. Through a typical payment system, financial information is transferred digitally, allowing consumers to make payments online. Tokenization replaces this information with digital tokens, which can be used to authenticate transactions. These tokens are unique for every transaction, ensuring that consumer information is kept safe. Visa has become a pioneer in tokenization, which has helped consumers become more confident in the security of mobile commerce.

Half of all Visa transactions expected to come from mobile devices by 2020

Mobile Payments Security - VisaThe expansion of the Visa Europe Payment Tokenization Service will allow banks and other organizations to take advantage of tokenization. By 2020, Visa Europe predicts that one in five consumers will pay for products using their smartphones and other devices on a daily basis. Mobile will account for 50% of all Visa transactions made by that time, which has highlighted the need for secure services. Security is a top priority for banks, especially as consumers become more mobile-centric.

Embracing tokenization could allow retailers to find more success in mobile shopping

Visa Europe’s tokenization system will allow more merchants to enter into the mobile payments ecosystem. This is good news for retailers, as they can find major success by engaging mobile consumers. If they can provide secure services, they will have a better chance of connecting with consumers and providing them with an enjoyable and safe shopping experience. Visa has managed to improve the mobile commerce space significantly through its tokenization service, which has been praised by retailers and financial institutions.