Tag: samsung pay

Visa brings more security to Samsung’s mobile payments platform

| March 4, 2015

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

Mobile Payments Security - VisaSamsung 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.

Samsung acquires mobile payments firm LoopPay

| February 23, 2015

Samsung has confirmed that it will be acquiring LoopPay

Samsung has announced that it will, indeed, be acquiring mobile payments technology firm LoopPay. Rumors concerning this acquisition have been circulating for some time, bolsters by Samsung’s growing interest in mobile payments. The acquisition is expected to help Samsung better compete in the mobile commerce space, which has become filled with companies that are seeking to gain the favor of mobile consumers throughout the world. The acquisition may also hint at Samsung’s future efforts in the mobile commerce space.

Firm develops technology that can turn conventional point-of-sale systems into mobile payments terminals

LoopPay develops technology that is capable of giving 90% of conventional point-of-sale systems the ability to accept mobile payments. This technology has become quite valuable, as more retailers are looking to accept mobile transactions in their physical stores. Many of Samsung’s most recent devices are able to conduct mobile transactions, but relatively few retailers support these payments physically. That is changing as mobile commerce continues to prove that it is a powerful force, pressuring more retailers to embrace mobile point-of-sale systems.

Samsung may be developing its own mobile payments system in order to compete with other companies

Mobile Payments - Samsung acquires LoopPaySamsung is rumored to be developing its own mobile payments platform, called Samsung Pay. This platform is likely to be based off technology developed by LoopPay. This technology would be used by retail partners in order to accept mobile payments through the new service. Samsung has not yet revealed details concerning this potential platform or whether or not it will be working with retailers to launch a new mobile payments service.

Competition may be difficult, as other companies have a well established place in the mobile commerce field

Samsung has been relatively slow to enter into the mobile commerce field on its own. The company is currently set to compete with others, such as Apple and Google, in order to gain the favor of mobile consumers. Competition is likely to be fierce, as both Apple and Google already have a well established presence in the mobile payments space.