Tag: samsung mobile payments

Samsung begins testing its new mobile payments service

| September 3, 2015

Invite-only beta even launched by Samsung

Samsung has opened beta testing for its new mobile payments solution, Saumsung pay. The invite-only beta has opened approximately one month before the service is set to launch to the public. Like other mobile payments solutions, Samsung pay will allow users to make payments using nothing more than their mobile devices. These payments can be made at physical stores and online, with many retailers already having shown support for the service.

Samsung Pay is equipped with technology developed by LoopPay

Samsung Pay is based on technology developed by LoopPay, which Samsung had acquired earlier this year. The technology allows retailers to accept mobile transactions without having to purchase additional hardware. Other mobile payments service require retailers to use hardware that is able to decipher the information used by these services. This is because most mobile payments services make use of NFC technology, which requires complimentary hardware in order to be used effectively.

Samsung will face competition from both Apple and Google when it comes to mobile payments

samsung - mobile payments testingWhile Samsung will face major challenges in the mobile payments space, it believes that it will be able to compete effectively within the growing market. Samsung is facing down competition from Apple, which has already launched its own mobile payments service and has plans to expand the service in the coming months. Google is also expected to join the fray soon with the launch of its own payments service, called Android Pay.

Qualifying for the beta event requires consumers have Bank of America or US Bank cards

In order to be eligible for the beta test of Samsung Pay, consumers will have to have a Bank of America or US Bank card. While the service will support other payment cards at launch, only cardholders from these two banks will be eligible for a beta invite. Consumers will also have to have a Galaxy S6 or Galaxy S6 Edge device from AT&T, T-Mobile, Sprint, or U.S. Cellular. Those without these devices will not be able to make use of Samsung Pay during the beta testing period.

Samsung to launch its mobile payments service in the US next month

| August 18, 2015

Samsung Pay will be launching in the United States next month following trials in South Korea

Samsung has announced that its new mobile payments service, Samsung Pay, will be available in the United States next month. The company has been testing the service in South Korea this month, hoping to iron out bugs before launching in a larger market where mobile payments have begun to grow aggressively. The service will function in a similar fashion to other platforms, such as Apple Pay, as it will be able to store financial information as well as data provided by retailers.

Samsung Pay to make use of NFC technology and tokenization

Samsung Pay will be leveraging NFC technology in order to facilitate transactions. This technology is capable of transmitting digital information over short distances, which is why it has become the backbone for most mobile payments systems. The service will also be using fingerprint verification in order to protect the financial information of its users. Further protection will be provided in the form of digital tokens, which are used to replace consumer financial data in order to protect it from exploitation.

Samsung will be competing with Apple in the mobile payments space

Mobile Payments - SamsungThe launch of the new service represents another step forward concerning Samsung’s plans for mobile payments. The service is meant to compete directly with Apple Pay, which is already available in the United States and will soon be available in other markets. Apple has managed to establish a powerful lead in the mobile payments space, largely due to the security that the company has injected into the service.

Mobile payments services continue to face significant challenges that prohibit their success

Though Apple has managed to establish a lead, it still faces many of the challenges that are preventing other mobile payments platforms from finding widespread success. Security is one of the more significant of these challenges. In the past, high profile cyber attacks have called into question the safety of mobile payment platforms, which has limited the appeal of these services among consumers.