Tag: samsung

Visa brings more security to Samsung’s mobile payments platform

| March 4, 2015

Visa and Samsung come together to make mobile transactions more secure

Visa has announced that it will be supporting mobile payments on the newly unveiled Samsung Galaxy S6. Samsung revealed the new iteration of its flagship smartphone over the weekend. The device will have several upgraded features over its predecessors, but will also support Samsung Pay, a new mobile payments service that has been devised by Samsung. The new payment service is expected to officially launch in the summer of this year, and will support technology developed by Visa.

Visa Token Service will be used on Samsung Pay

Visa’s Token Service will be supported by Samsung Pay. This service involves the tokenization of consumers information when they make mobile payments. Financial information is converted into digital tokens, which can be used to authenticate a transaction. These tokens each feature a unique, 16-digit number and are created for specific payment environments. For example, tokens generated for the Samsung Pay platform can only be used on that specific platform and no other.

Samsung makes its first official entrance into the mobile payments field

Mobile Payments Security - VisaSamsung Pay represents Samsung’s first official step into the mobile payments field. The company has supported mobile commerce for some time, incorporating NFC technology into its mobile devices. This technology makes up the majority of the mobile payments infrastructure, and Samsung was one of the companies to make NFC-enabled devices more available to consumers throughout the world. Samsung will have to compete with other large companies that have established a strong position in the mobile commerce space.

Visa will help make mobile commerce more secure for consumers through the use of digital tokens

Visa’s support of Samsung Pay may help make the new mobile payments service wildly popular. The use of digital tokens will make Samsung Pay quite secure, when compared to other payment services. Mobile transactions can be made more secure through the use of biometric technology, as well, but tokenization has received more support from Samsung with its latest mobile device. Samsung Pay will be able to be used online and in physical stores that support mobile payments.

Apple Pay has established a dominant position in mobile payments

| February 26, 2015

Apple’s payment service becomes more popular in the US market

Apple Pay is taking over the mobile payments space, while its potential rivals struggle to find traction with consumers. The service launched in October of last year, and has managed to acquire a strong amount of support in a relatively short period of time. Retailers have partnered with Apple to support the payment service, hoping that it will allow them to connect with consumers that like to shop from their mobile devices.

Apple Pay accounts for two-thirds of all mobile payments made in the US

According to the Robert Baird analyst group, Apple Pay now accounts for two-thirds of the mobile payments market in the United States. For the retailers that supported Apple Pay at launch, mobile payment volume has increased by a significant margin. Whole Foods, one of Apple Pay’s launch partners, has reported that the mobile payments it has received have grown by more than 400%. Other retailers have reported similar results because of the payment service and its ability to connect with mobile consumers.

Low number of vendors may continue to support Apple Pay

Apple and Mobile Payments Though Apple Pay is being supported by some big-name retailers, there are still a relatively small number of vendors that use the payment service. Analysts believe that there will be relatively little change in this trend in the coming years. Mobile payments are quite attractive to retailers, but this does not mean that these businesses will support Apple Pay specifically. There are other payment services that offer features that could be more attractive to certain types of businesses and these services are available for the Android platform. Apple Pay is only available for iOS devices.

Apple may have some competition coming from Samsung in the future

Apple Pay’s growing popularity may be stymied in the future by the launch of other payment services. Samsung is rumored to be releasing its own mobile payments service in the near future. Both Apple and Samsung have been competitive with one another in the mobile technology space for years, with Samsung having recently established a modest lead in the device market.