Tag: samsung pay

Samsung partners with Gemalto to prepare for launch of mobile payments service in Europe

| September 9, 2015

Mobile payments may be growing more secure in Europe thanks to new partnership

Samsung has partnered with Gemalto, an international digital security company, in order to ease the launch of Samsung Pay in Europe. With mobile payments growing in popularity, the demand for secure services is on the rise. Consumers have expressed concern regarding the security of mobile transactions, with many opting not to use their devices to make purchases because their financial information may be at risk of exploitation. Improved security may make mobile payments services more attractive to consumers.

Samsung will leverage tokenization to make transactions more secure

Samsung will be using Gemalto’s Allynis Trusted Service Hub product for its new service. This will allow payments made through Samsung Pay to be more secure as the Allynis Trusted Service Hub makes use of a system that manages payment credentials and it leverages tokenization services. Tokenization replaces a consumer’s financial information with digital tokens, which are used to authenticate payments. Each token is unique for the transaction and does not contain actual financial information. As such, these tokens represent a safe and secure way for consumers to participate in mobile payments.

Mobile payments service has already attracted praise

Partnership - Mobile Payments EuropeThe new mobile payments service has already launched in South Korea, and Samsung intends to launch the service in the United States in late September. Thus far, consumers have shown interest in the service and have praised its convenience. Samsung Pay makes use of NFC technology and magnetic secure transmissions, allowing it to be used in many major retail stores. The technology powering the service was developed by LoopPay, which was acquired by Samsung earlier this year.

Improved security may ensure that more consumers participate in mobile commerce

Improving security will help mobile payments find more support among consumers. While consumers are interested in using their mobile devices to make purchases, they are wary of doing so because of the security risks associated with such actions. In the past, security breaches have shown just how much of a financial impact malicious attacks can have on consumers and businesses when it comes to the mobile payments space.

UK consumers see promise in mobile commerce

| September 8, 2015

Survey shows that many consumers expected to make daily mobile purchases within the next five years

The United Kingdom’s Lloyds Bank has released the results of a recent survey, through which it saw an increase in the interest consumers have in mobile commerce. According to the survey, approximately 34% of mobile consumers expect to make a payment with their device every day within the next five years. As more retailers become mobile-centric and offer new shopping experiences, consumers are beginning to use their devices to shop online more frequently.

Companies see new opportunities in the UK market

Several companies are beginning to see promise in the UK’s mobile commerce space. Apple is one such company, which believes that its Apple Pay service will do well in the country due to the growing number of mobile shoppers. Samsung is another, which intends to launch its new Samsung Pay service in the United States within the coming months. The company sees promise in the UK, but has not yet announced when the mobile payments service will be launched in the UK.

Older consumers are more interested in mobile commerce

UK Consumers - Mobile CommerceThe survey from Lloyds Bank shows that older consumers are more interested in mobile commerce than their younger counterparts. According to the survey, of those aged over 45, 59% believe that they will be using their mobile devices to make daily purchases. By comparison, 37% of those between the ages of 18 and 44 believe this. Older consumers, especially those with lengthy commutes, seem to be more interested in mobile shopping because of the convenience that it represents.

Security remains a top concern for consumers that want to use their mobile devices to shop online

Among those surveyed that do not currently participate in mobile commerce, 44% said they were concerned about the security of their financial information. Lack of security could leave consumers exposed to exploitation and fraud. This concern has prevented many people from making a mobile purchase, but the rise of biometric technology, which uses biologic information for the sake of security, may be changing that in the coming years.