Samsung and MasterCard have just announced that the two companies are extending their partnership to bring Samsung mobile payments service to Europe. Samsung Pay, as you may know, is Samsung’s competitor to Apple Pay and eventually Android Pay as well. Samsung Pay is presently being trialled in South Korea and is believed to launch in the States alongside Samsung’s next flagship smartphone in the summer.
Samsung’s new payment system, Samsung Pay, is starting to get more attention. The new mobile payments system was announced at the Galaxy S6’s launch earlier this year and is expected to launch in the United States this fall. We have heard numerous rumors that the service’s launch might have been delayed until later in the fall after Samsung’s next Galaxy Note arrives. However, a new report from The Korea Bizwire has stated that Samsung Pay has begun testing in Korean stores.
According to a report from Electronic Times, Samsung’s next smartwatch will include NFC, so mobile payments will be possible. One of Apple Watch’s best features is the ability to use the device for mobile payments using NFC, so should Samsung use Samsung Pay in the same way, a similar experience could be expected. While Samsung Pay’s big draw is the ability to pay at all credit card terminals instead of just NFC, just the ability to pay from a watch is still a great feature.
The current target release for Samsung’s new watch is the second half of the year, so we’ll see all the device has to offer in a few months.
Via: Droid Life
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. Read more
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. Read more
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. Read more