Why Samsung Pay could gain an early lead in mobile payments



Samsung Pay, a forthcoming mobile payments feature for Samsung mobile devices, has a unique advantage that BI Intelligence thinks will help drive US mobile payments volume to over $800 billion by the end of 2019.

One of the biggest obstacles to mobile payments adoption in the US is that only a handful of retailers have the technology to accept mobile payments in stores. However, in early 2015 Samsung acquired a company called LoopPay which could potentially solve this problem.

LoopPay developed a technology called Magnetic Secure Transmission (MST) which will be integrated into new Samsung phones. The technology will allow mobile users to pass their phones over a typical credit card reader to make a payment. In addition, Samsung Pay users will also be able to pay by presenting a barcode to be scanned at checkout. That means that Samsung Pay will work at most existing payment terminals in the US — So someone who adopts Samsung Pay can begin to use it habitually right away.

In a new report from BI Intelligence we take a close look at Samsung Pay, Android Pay, and Apple Pay, explaining the advantage of each and what the companies behind these features stand to gain by offering them.

Competitors Apple Pay and Android Pay require merchants to have near field communication (NFC) terminals. And while merchants are adopting these terminals rather rapidly, they're far from ubiquitous.

Read more about Payments in General by Ferhan Patel

Popular posts from this blog

Need Inspiration? Go To These Three Websites

Image
Everyone falls into a rut at some point in their life. It’s easy when you follow the same routine — work, dinner, sleep, repeat. Yet, following the same pattern for too long without variation can cause a lack of motivation and inspiration. As entrepreneurs, we need these qualities every day to keep us striving to bring the world our product or service. We know we have the tools and process to make it happen, but we’re missing the drive. If you ever find yourself falling into this mindset, check out these three websites, which may bring you back to the driven, successful individual you know you are. TED TED Talks  have blown up in recent years and are a great way to hear about topics you’d never think to look into yourself. From humanitarian struggles to entrepreneurial successes and so much more, TED gives us presentations from people in dozens of sectors with a wide variety of experiences. There are categories in any field, so if you’re looking for a motivational speaker in yo
Read more

Crypto Currency Exchangers Targeted by the NY AG

The Crypto Currency world in the US is heating up with a new report released by the US AG which took an in-depth look at 13 exchangers.  It detailed all the ways the exchanges could fail to protect their customers against scams, fraud, deceit and manipulation.   The New York AG sent a voluntary questionnaire earlier in the year to those exchangers, and most responded back with the exception of 4.   Binance Limited, Gate.io,  Huobi  Global Limited, and Kraken. You can read more at: Ferhan Patel
Read more

5 Ways to Save Money This Fall

Image
Each season, people look for ways to save more money than they did the previous season. Luckily, there are tons of ways to avoid overspending and grow your savings account. Here are my top five ways to save this fall. Budget for the Holidays The last quarter of the year is often the time we spend the most money. There are numerous holidays that require us to spend exorbitant amounts of cash, so  budgeting  is huge. Create a list of people you need to buy gifts for, or for holiday meals and other activities. Then, figure out how much you’ll have to spend on everything. Once you have your grand total for the holidays, split it up based off of importance. Buying your mom a thoughtful gift is more important than buying your third cousin twice removed a gift card they may or may not use. Cut out any unnecessary expenses, and consider ways you can reduce gift costs (such as going in on gifts with other people). Then, stick to it. A budget is worthless if you don’t follow it, so sta
Read more