Tag: samsung mobile payments

Samsung Pay to be available on less expensive Samsung devices

Samsung Pay, the new mobile payments service from Samsung, is expected to launch in the United States next year. The service will not only be available to those with the latest Samsung devices, however, as the company intends to make it available for older, less expensive devices when it is launched. Samsung Pay is also expected to begin accepting online payments when it is launched in the U.S., which will put the service in direct competition with companies like PayPal.

Samsung expanding the availability of mobile payments service may be a boon for consumers

Samsung has not yet offered specific information concerning the availability of Samsung Pay on less expensive mobile devices, but this is expected to make the service much more attractive to consumers. While the Samsung Galaxy S6 and Note 5 have become quite popular among consumers, many still prefer inexpensive devices as they satisfy their needs without being coupled with overwhelming costs. Many of these devices lack NFC technology, however, which has become a very powerful mobile payments tool. Without NFC technology, many consumers cannot participate in mobile commerce, but this is an issue that Samsung is looking to address.

Samsung to bring new service to other markets throughout the world

The new mobile payments service will not be restricted to the United States, of course. Samsung plans to launch the service in several other countries, having already completed testing of the service in its native South Korea. Several countries have begun experiencing strong growth in the mobile payments sector, with consumers beginning to favor their smartphones to do their shopping and send money to one another.

Digital wallets are becoming more popular among consumers

Samsung Pay is designed to function as a digital wallet, which will be able to store information from consumers and merchants alike. Storing financial information can expedite the checkout process, making it easier for consumers to purchase products in physical stores. The mobile payments service will also feature security features that are meant to protect consumer information and keep them free from exploitation.

For the first time in 6 years, the consumer electronics giant has made a change in this critical position.

While Samsung has not at all seen a stoppage in its mobile tech sales, and while it continues to be one of the top smartphone manufacturers worldwide, the company has been facing some sizeable pressures on its business, particularly from competition such as Huawei and Xiaomi.

As a result, the company has changed its mobile communications president as it develops a new strategy.

This is the first time in six years that the company has changed the head of its mobile tech. This means that JK Shin, a 59 year old who has been holding that position for over half a decade, will be on his way out. He is being replaced by Dongjin Koh, who is 54 and was previously the head of mobile Research and Development for the company. He was the one at the wheel when Samsung developed Tizen, its own mobile operating system. He was also leading the way with the Samsung Pay mobile payments platform for which the company has high hopes.

This change in mobile tech leadership doesn’t mean that Shin will be stepping completely out of the company.

Instead, this is being considered as a shuffle within the company instead of one leader stepping up while another leaves altogether. Shin is exceptionally experienced as an executive within this market. He is behind the rise of Samsung’s smartphone business and at the same time, he is also the one who was in command as the more recent challenges fell into place.

For Shin, this will mean that he will be stepping out of the day-to-day mobile technology operations of the company. He will be focusing his attention on tasks of a more long-term planning nature. His goal will be to come up with a strategy that will allow the company to rebuild and rejuvenate its mobile business, which has been struggling to see the type of growth that it has experienced in the past.

It is also important to point out that mobile tech leadership wasn’t Shin’s only role in the company. He was, and remains, the co-CEO of Samsung Electronics. Clearly, this move is not being made to remove him from the company, but rather to freshen its perspective.