Tag: samsung pay

Samsung may be set to unveil its own mobile payments service

| February 9, 2015

Samsung rumored to be ready to reveal new payments service along with its new devices

Samsung is gearing up for the unveiling of its new Galaxy S6 smartphone, as well as several other devices, but it’s the company’s push into the mobile payments space that may generate a veritable tidal wave of hype. Samsung is set to host it’s Galaxy Unpacked event at the beginning of March, and many industry analysts believe that the company will showcase its new mobile devices during that time. They also suggest that Samsung will announce its new mobile payments system, called Samsung Pay.

Galaxy S6 may support Samsung’s entry into the mobile commerce sector

Samsung is expected to reveal the new Galaxy S6 at its upcoming event, as well as the Galaxy S6 Edge, which features a dual-edge display. These devices will be the next step in the evolution of Samsung’s already rampantly popular Galaxy brand and they are expected to support the company’s potential bid for dominance in the mobile payments field. Samsung Pay is rumored to be based on technology developed by LoopPay, a mobile commerce firm that has recently partnered with Samsung.

Samsung Pay may make use of technology developed by LoopPay

Mobile Payments ServicesReports suggest that the new payment service will take advantage of a non-swipe fingerprint scanner that will be featured in the Galaxy S6. This will allow users to place their finger on the device’s Home button to unlock the phone and authenticate mobile transactions. The new service from Samsung will also use a tokenization system that has been developed by LoopPay. Tokenization has become quite popular in the mobile payments space as it removes the need to use a consumer’s financial information directly, replacing this data with digital tokens.

Tokenization could make mobile payments more secure

A tokenization system could give Samsung Pay a competitive edge over other payment services. Because mobile commerce deals in the trafficking of financial information, it has become a popular target for malicious groups that seek to exploit this information. With digital tokens, there is no direct use of financial information, and these tokens can help make mobile payments much more secure than they are currently.

Samsung set to unveil new mobile payments service

| January 30, 2015

Samsung may be preparing to show off its new payments platform

Samsung may be planning to reveal its new mobile payments platform as early as next week. The company is expected to unveil the platform at the upcoming Mobile World Congress. The company is speculated to have partnered with Visa to develop the new service, which is called Samsung Pay. The new platform could serve as direct competition with Apple Pay, which has managed to establish a strong foothold in the mobile payments sector in the United States.

NFC technology will continue to be supported in the mobile commerce space

Samsung has shown significant interest in mobile transactions in the past. Many of the company’s smartphones are equipped with NFC technology. This technology can be used for various purposes, such as engaging with dynamic marketing and sharing digital media with other NFC-enabled devices. NFC does comprise the backbone of most mobile payments services, however, making it one of the foundational technologies in the mobile commerce space. Samsung is expected to roll out the service alongside the launch of its new smartphone, the Galaxy 6, which will also be equipped with NFC technology.

Samsung Pay will not only support NFC-based mobile payments

Mobile Payments - SamsungThough much of the mobile payments space is governed by NFC technology, Samsung Pay may not be exclusive to those with NFC-enabled devices. The new platform is expected to be able to support mobile transactions even without utilizing NFC technology. This could make it more accommodating to consumers that do not have NFC-enabled devices and make it more accessible to the retail industry as a whole. Retailers without NFC-enable point-of-sale systems would be able to accept transactions made through Samsung Pay.

Samsung Pay could become significant competition for Apple Pay in the coming months

Rumors suggest that Samsung Pay will be compatible with as much as 90% of the point-of-sale systems that are being used by retailers currently. If this is true, this would make it more accessible than Apple Pay, which supports only NFC-based transactions. Samsung Pay could, therefore, become a major competitor to Apple Pay.