Tag: nfc technology

Samsung teams with Visa and MasterCard for its mobile payments service

| March 11, 2015

Samsung Pay will have the backing of both Visa and MasterCard

Samsung is beginning to partner with large financial organizations, such as MasterCard and Visa, in order to improve the launch of its new mobile payments service, called Samsung Pay. By teaming with these companies, Samsung may have a greater reach in markets where mobile payments are thriving. Other companies, such as Apple, have done this for the launch of their mobile payments services, and launch partners for these services have proven to be quite powerful allies.

New mobile payments services uses Magnetic Secure Transmission technology to make transactions more convenient

Samsung Pay has been designed to allow consumers to make secure mobile transactions. The service makes use of NFC technology, which is quite common in the mobile payments sector, and technology called Magnetic Secure Transmission. This allows Samsung to be used at locations that do not have NFC support, which will make it easier for consumers and merchants to participate in mobile commerce from any device that is being used.

Samsung believes its mobile payments service will change the way people shop and pay for goods and services

Mobile Payments Partnership - MasterCard, Visa & SamsungThe company believes that its new payment service will change the way people pay for goods and services. This has been a common belief in the world of mobile commerce, largely because consumers are beginning to favor their mobile devices over more conventional forms of commerce. Samsung may be able to deliver on its hope to revolutionize mobile commerce through its partnerships with Visa and MasterCard. Both of these companies have extensive experience with mobile payments, especially when it comes to making transactions secure.

Visa and MasterCard may help make mobile payments more secure

Mobile security is one of the major challenges currently facing mobile payments. Because the sector is relatively young, it has not had time to establish appropriate defenses against those that would seek to exploit a consumer’s financial information. With the help of Visa and MasterCard, Samsung Pay may be able to offer a secure solution for those that are interested in mobile payments.

Google aims to expand its mobile payments platform

| February 26, 2015

Google to acquire Softcard technology in deal with major carriers

Google will be expanding the reach of its Google Wallet platform, and Softcard may be the way to accomplish this. Softcard is a joint venture from Verizon Wireless, AT&T, and T-Mobile, which was formerly known as Isis. The platform’s name was changed to avoid political issues that have emerged in recent years. Google has made a deal with the companies responsible for Softcard, which could help make Wallet one of the most popular mobile payments platforms currently available for Android devices.

Softcard technology could improve the Wallet platform and make it more attractive to consumers

According to the deal, Google will acquire Softcard’s technology, which Verizon Wireless, AT&T, and T-Mobile will pre-load Google Wallet on mobile devices that will be available in stores later this year. This could significantly expand the reach of Google Wallet, which had struggle to obtain consumer attention due to the launch of new mobile payments platforms, such as Apple Pay. The deal could also give Wallet access to better technology, which had previously been exclusive to Softcard.

Lack of NFC support cripples the growth of some mobile payments services

Google Mobile PaymentsGoogle has had trouble finding traction in the mobile payments space. The company initially only had one device carrier that wanted to support the Wallet platform, while relatively few device makers opted to support the platform’s key technology: NFC. The low availability of NFC-enabled mobile devices made Wallet relatively unpopular among consumers because the platform required this technology to function properly. Softcard experienced similar problems, with retailers being slow to adopt the NFC technology needed to support the mobile payments service.

Deal may help Wallet compete with other mobile payments ventures

Those using Softcard currently will still be able to use the platform in the future. Google Wallet will begin integrating some of the features that Softcard has received praise for while Google continues to improve its mobile payments infrastructure. Wallet will still have to face competition from Apple and, potentially, Samsung, both of whom have expressed strong desire to become dominant in the mobile payments space.