Tag: samsung wallet

Mobile payments competition is growing in Asia

| November 12, 2014

New payment services are being launched throughout Asia

Competition in Asian mobile payments space is heating up. Samsung Electronics, one of the world’s largest mobile device makers, has announced that it will be launching a new payment service in the near future. The company has partnered with Yelopay and six of South Korea’s commercial banks for the endeavor. The new service, dubbed Samsung Wallet, is expected to be made available by the end of this year and will come pre-installed on all of Samsung’s new Galaxy devices.

Samsung Wallet is expected to see a limited release by the end of this year

The Samsung Wallet will support peer-to-peer money transfer as well as allow users to make payments at participating retail locations. There will be no commission charged on transactions made through the new service, which may make it quite popular among businesses looking to involve themselves in digital commerce. Samsung wallet is being designed to support both online and offline payments as well. While the Wallet service is slated for an initial launch at the end of the year, Samsung has not yet detailed a full timeline for commercialization.

LINE looks to break into the Japanese mobile commerce market

Mobile Payments - AsiaIn Japan, mobile service provider LINE is planning to launch its own payment platform with the help of Naver, the country’s largest Internet service provider. The new service, called LINE Pay, is meant to be incorporated into LINE’s existing mobile messenger platform. The service will support mobile payments for digital purchases, as well as banking transactions.

Small companies may find it more difficult to compete in the payments space in the coming years

Mobile commerce has been particularly popular throughout Asia, where the demand for new payment services has been on the rise for some time. Consumers have become quite comfortable with the concept of shopping for and purchasing products with their mobile devices, and many companies are beginning to take steps to provide these consumers with the services they want to use. It may become increasingly difficult for small companies to find traction in Asia, however, due to the increasing number of large companies, like Samsung, looking to break into the digital payments space.

Samsung makes a move on mobile commerce with Wallet application

| March 2, 2013

Samsung Mobile CommerceSamsung introduces new mobile commerce application

Samsung has begun showing off its new Wallet mobile application for its line of smartphones. The company has adopted a strong interest mobile commerce recently, and this interest has helped the company dethrone Apple as the leading provider of mobile devices in the world. Consumers share the enthusiasm for mobile commerce that Samsung has been displaying, demanding new applications that can facilitate mobile payments and make it easier to manage bank accounts and shop online.

Wallet to provide digital storage to consumers

Samsung’s Wallet will act in much the same way that other mobile wallets do. The Wallet will be able to store a wide variety of digital information and content, such as financial data and tickets for concerts or public transport. In this way, the Wallet is very similar to Apple’s Passbook. Unlike the Passbook, the Wallet will allow users to participate in mobile commerce in some way, thanks to the NFC capabilities of Samsung’s latest smartphones.

Wallet to make use of QR codes

While the Wallet will leverage NFC to some degree to open up mobile commerce to consumers, the other aspects of the application will be based on barcodes, specifically QR codes. The Wallet can store mobile coupons, airline tickets, and special offers from loyalty programs that can all be accessed through scanning a QR code. Samsung believes that these codes are a simpler way of providing services to consumers rather than having the Wallet rely entirely on NFC technology.

Wallet may be included in new Galaxy S4

Samsung has already lined up an array of partners that will support the Wallet when it is launched. The company is currently preparing for the launch of the new Galaxy S4, which is expected to be released in spring this year. The Wallet may be made available before the launch of the S4, with current speculation suggesting that the application will be available in a matter of weeks rather than months.