Square Cash was launched two years ago but now it seems to be gaining traction by putting a social spin on mobile payments. Users of Square Cash can be identified by unique $Cashtags rather than phone number or email. Simply get your friends’ $Cashtags and send them money instantly with just a few taps. This way to identify users will also be a great help for the arrival of businesses on Square Cash. The service allows businesses to accept payments with a fee of only 1.5%, meaning that a considerable amount of revenue is retained.
Samsung has shared some more details about their forthcoming Samsung Pay service, including another confirmation that they will launch the service in the U.S. and South Korea this summer with Europe and China slated to follow. The good news is that Samsung Pay will be free of charge for owners of the Samsung Galaxy S6 and Galaxy S6 edge. The bad news is that Samsung’s latest information makes it unclear as to whether Samsung Pay will be available on other devices and if so, whether a fee will be attached to it.
Soon, Facebook Messenger will expand to a messaging service that allows money transferring. The social network announced today that users will be able to conveniently and securely send or receive money between friends. Simply add a Visa or MasterCard debit card and setup a PIN to start transferring money. Since security has become increasingly important, especially when it comes to financial items, Facebook says that login approvals can be added for another layer of authentication.
We know that Samsung is notorious for starting new apps and features to see how things go, but they appear to be very serious about their new Samsung Pay service.
With Apple Pay already available in many outlets, how can Samsung get a leg up? Very simple….Samsung has decided to put a halt on charging merchant fees. Now Samsung already was planning a much lower fee, which was 0.0015 or $15 for every $10,000. Compare that against Apple’s $15 per $100, it was already a fantastic deal for merchants. In fact, I am not even sure Samsung needed to make any adjustments here, but they did which means they plan on going after Apple in a big way.
With Apple making a lot of buzz about their own payment system, Apple Pay, Samsung is looking to grab a little of the spotlight too. What a surprise!! Back in December is when we first got wind of this notion that they were negotiating with LoopPay.
Samsung will indeed implement LoopPay technology, and what is most interesting about it is that NFC isn’t required. It actually mimics a card swipe so the potential of massive merchant support is greater. Of course Samsung will offer a fingerprint scanner, but this year’s rendition will require users to simply touch the device rather than swipe their finger.
LoopPay, the popular mobile payment company, is partnering with XPAL Power and Trident Case to make payment on a Samsung device much simpler.
It’s pretty typical Samsung behavior to try and create their own versions of popular technology, whether that’s an App Store, instant messaging service, or virtual reality headset. Sometimes Samsung’s version turns out pretty well, but other times it can be a complete disaster that goes mostly unused by customers.
With Apple entering the mobile payment market with Apple Pay, Samsung is, of course, readying their own form of a wireless payment method using Samsung smartphones. Sure, Samsung already has their own Wallet app, and almost all newer Android phones support tap-to-pay functionality with Google Wallet, but Samsung wants their own, uniquely branded version.
PayPal has announced that they’re opening One Touch mobile payments to developers today, and the payment system will come to every PayPal user in the next few weeks. Even though PayPal only wanted to show off the payments on an iPhone, they’re still coming to Android, rest assured. These mobile payments will work inside of applications to allow users to quickly make purchases by linking their PayPal accounts. Since it’s PayPal, it can remember your bank accounts and credit cards and save you the headache of punching in numbers and information.
One of the biggest features we’re expecting Samsung to adopt in the Galaxy S5 is the fingerprint scanner. Everyone is pretty much expecting it’s going to happen, and we’ve even gotten some insight on what it’s going to be able to do, but the latest rumors point towards the S5 trying to do something that many companies have failed at; a mobile payment system.
Apparently, Samsung and PayPal are working together closely to try and create some type of wallet system that will become a standard for consumers and retail stores. Samsung already has a wallet app developed, although it’s limited by country availability (much like Google Wallet) so Samsung already has some of the foundation ready. Adding in a fingerprint scanner for security and PayPal for the heavy lifting on the money handling side of things could really be what Samsung needs to make something like this happen.
It’s surprising that more Android manufacturers and carriers haven’t jumped on the Google Wallet bandwagon, considering the rate at which the service continues to gain traction in the mobile payment space. While carriers like AT&T may rather opt for an in-house alternative, many anxious subscribers would rather utilize Google’s service. Thankfully, the Galaxy Note II has received an unofficial workaround for installing the mobile wallet software, thanks to recognized XDA developer ogdobber.