Tag: us bank

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.

US Bank teams with Monitise to make a move on mobile payments

| October 15, 2013

Mobile payments platform planned through new partnership

Mobile payments firm Monitise has announced its partnership with U.S. Bank, one of the leading financial service firms in the United States. Together, the two organizations will launch a new mobile payments platform and encourage consumers to become more accepting of mobile commerce. Consumers have been growing more interested in mobile payments, but relatively few people are comfortable with managing money on their mobile devices, largely due to the security concerns they have regarding their financial information.

Companies plan to engage consumers through the mobile space

U.S. Bank is no stranger to the concept of mobile payments. The bank has been working to grow more accommodating to mobile commerce in recent years in order to better serve the needs of its customers. The bank has introduced many services that allow customers to manage their accounts from their mobile devices, but its new partnership with Monitise is expected to take its mobile commerce endeavors to a new level. Monitise has extensive experience when it comes to mobile payments and may be able to help U.S. Bank establish a more formidable presence in the mobile space.

Mobile Payments partnershipProject to receive support from Nellymoser and Digimarc

Specific details concerning the platform Monitise is developing for U.S. bank have not yet been released. The platform is expected to cover product discovery, selection, and instant checkouts, however. The project will also receive support from Digimarc, a digital identification specialist, and Nellymoser, which specializes in mobile marketing and digital media. Backed by such strong support, the mobile payments platform is expected to garner a significant amount of attention from consumers.

Bank intends to be a leader in mobile payments

U.S. Bank has a strong interest in establishing itself as a leader in the mobile payments space. The bank will have to compete in a crowded arena, however, filled with companies that have already established a strong foothold in the sector. Monitise is well versed in this competition, of course, and may be able to help U.S. Bank achieve its goals in the mobile commerce field.