Tag: mobile payments

The mobile app is reportedly adding a number of surprising features including “secret chats” among others.

Following changes made to the Facebook Messenger app including giving it its own virtual assistant, rumor has it that this popular messaging application will soon also have mobile payments among other options that appeal to its users.

Many media outlets are speculating that smartphone based payments and “secret chats” will be on their way.

Privacy is among the latest hot topics when it comes to mobile technology, so the ability to bring an added level of encryption that would make it possible to hold secret chats would potentially also help to keep mobile payments secure, in theory. The idea is not necessarily an off the wall one. If a large enough investment is being made into keeping chats secure then it might makes sense for Facebook to apply this type of mobile security to other features, as well. As mobile wallets are blossoming everywhere nowadays, this addition to the social media platform could be a logical next step.

Despite the fact that mobile payments and secret chats have been mentioned regularly, details are not immediately available.

There have been many speculations as to what would be involved in the new features that have been suggested for the Facebook Messenger app. For example, using separate password protection for specific chats could make an interesting difference to the security level available for certain discussions between users.

The main thought with regards to the smartphone payments aspect is that the messenger app would make it possible to send money to family and friends who are also users. This could suggest that the social network is seeking to compete with other digital payments platforms such as Android Pay, Apple Pay and even PayPal.

The feature that was identified in a leak that has been spread by several media sources indicated that the app could be used for mobile payments in store. This could mean that Facebook is seeking to reach far out and beyond communicating with people the users already know. At the time of the writing of this article, the company had yet to confirm or deny any of these claims.

New service will allow consumers to make mobile transactions without using their hands

South Korean telecommunications company SK Telecom is launching a hands-free mobile payments service that features its own rewards program. The new service, called T Pay, has already accrued 100,000 subscribers, who will be able to make use of its Bluetooth technology to make payments without having to hold their mobile devices. All purchases made through the service will be charged to customer’s existing mobile phone bills and consumers above the age of 19 will have a $427 purchasing limit through the service every month.

Mobile commerce is gaining popularity among younger consumers

Approximately 65% of T Pay’s current subscribers are aged in their 20s and 30s. Among this demographic, mobile payments have become quite popular. Many of these people are relying heavily on their mobile devices to shop online and in physical stores and the demand for loyalty programs is growing among consumers. SK Telecom is looking to take advantage of growing interest in mobile commerce in the hopes to establish more success in this sector. Competition in this market is quite fierce, however, which has lead SK Telecom to develop an innovative new service in order to establish a competitive edge.

Voice commands will be used to make mobile transactions through T Pay

After downloading the T Pay application, consumers can purchase items with a simple voice command. A store’s point-of-sale system would collect payment information from a mobile device’s Bluetooth technology. Cashiers would identify a user through the use of a nickname and a mobile phone number, which would appear on the screen of their point-of-sale system. SK Telecom believes that this is one of the most economical and convenient ways for consumers to make purchases in physical stores.

Loyalty program may make T Pay more attractive to consumers

Customers that use T Pay to make purchases will also gain access to special discounts through the T Membership program. The program is designed to reward consumers for their loyalty to the new mobile payments service. Such programs have been in high demand recently, as mobile consumers want more value out of the new payment services that they are making use of.