Tag: visa paywave

Samsung reportedly in negotiations with mobile commerce firm LoopPay

Google and Apple may soon have strong competition in the mobile commerce field. South Korean electronics company Samsung is reportedly in negotiations with LoopPay, a mobile payments firm based in the United States. While the two companies have not yet officially announced plans to work together, Samsung has been showing strong interest in the mobile commerce space recently. The company sees a great deal of promise in mobile payments and could begin entering into the market within the next few years.

Android devices continues to help mobile commerce grow

Mobile commerce has thrives on the Android platform over the past year. Approximately 83% of the smartphones shipped during the last quarter are powered by the Android operating system, and many of these devices come equipped with mobile payment applications, such as Google Wallet. The Wallet platform has yet to find success among consumers, which has led many to use a wide variety of payment applications. Samsung could capitalize on this by offering a new payment service that would also come pre-installed on Android devices.

Samsung is no stranger to mobile payments

Though Samsung has not made an official entry into the mobile commerce market with its own payment service, the company is no stranger to the market itself. In 2012, Samsung partnered with Visa to released a special version of the Galaxy S3 smartphone, which supported Visa’s payWave technology. Last year, the companies expanded this partnership, bringing payWave supporting devices to 40 European countries. Rumors suggest that Samsung has also begun working with PayPal to support mobile payments on wearable devices.

Apple may find a strong competitor in Samsung

If Samsung decides to enter into the mobile commerce market, it may become Apple’s most significant competition. Apple released its own mobile payments service earlier this year, which has won praise among retail organizations and consumers alike. The service is only available for one iOS device, however, which has limited its appeal to some consumers. A platform developed by Samsung would likely be available for numerous Android devices, many of which Samsung has developed itself.

The Power Suit from Heritage Bank lets consumers make a payment with their sleeve.

The Australian bank has partnered with VISA and premium Australian tailors, M.J. Bale, to develop this wearable tech that lets people make contactless payments via Near Field Communication (NFC) technology.

The NFC chip is woven directly into the suit.

This wearable technology garment uses the identical NFC chip that is found in VISA payWave terminals. However, instead of being integrated into a card, the chip is weaved right into the suit’s sleeve and is then connected to the account of the “Power Suit” wearer. Once activated, the wearer can then make contactless payments with their suit by simply tapping or waving their sleeve over the payWave terminal.

The Power Suit is made from the finest Australian merino wool and tailored in Japan by M.J. Bale. It utilizes Visa’s payWave system to link to the mobile wallet from Heritage Bank. Those who wear the suit can add funds to their mobile wallet with their bank’s credit or debit card and use it to buy merchandise.

This smartsuit eliminates the need to carry around a credit card. As long as the NFC chip makes contact with the terminal, the payment is processed. That said, currently, to make a payment with the suit, purchases must be under AUD $100.

M.J. Bale CEO Matt Jenson commented that “The prototype means the wearer doesn’t need to ruin the cut of their trousers or jacket with a bulky wallet. It allows individuals to be ahead of the technology game and look top notch.”

This wearable tech is also supporting a good cause.

According to the Heritage Bank’s official website, 11 prototype suits have been designed for select lucky customers across Australia, to test the new tech-savvy concept. In addition, the Heritage Bank put up a twelfth suit for a charity auction online. This suit recently sold for $510 via eBay and all of the proceeds from the auction were given to 4 ASD Kids, a charity that supports children with autism spectrum disorders (ASD).

Thus, the winner of the auction is not only the owner of rare and innovative wearable tech they also had a hand in helping out in raising awareness and money for kids with ASD.