News

Samsung and Visa Make Deal for Implementing Mobile Payment in Next-Gen NFC Devices

Efforts are made to make mobile payments easier and more practical in every step, like how Paypal introduced a mobile device to accept credit cards. Samsung went ahead and made a deal with Visa to do just that. The deal will allow Samsung to embed Visa’s own payWave mobile payment applet in the next generation smartphones and tablets with NFC (Near Field Communication). The alliance was formally announced on Monday at Mobile World Congress held in Barcelona.

The next generation Samsung Galaxy S IV is all set to be announced in March and is rumoured to have Visa payWave implementation. This is a news that many officials from Visa and Samsung have confirmed. Since the use of NFC has taken its time to grow, this alliance should help to speed things up.

However, Brad Greene, Visa’s head of NFC payment said that there has been some friction with the implementation of NFC in the United States. The reason why they signed up with Samsung was because the Korean company produces practically half of all the Android powered smartphones in the market today. Since their goal was to make mobile payments available through many devices, Samsung is special and it’s because of this that they get an advantage.

In the agreement, Samsung agreed to load the payWave applet in its devices with NFC embedded in a chip with an encryption algorithm called secure element. The payWave applet also can be used in SIMs, where it can be moved from phone to phone. Samsung will manage the encryption keys and provide security capability to banks and mobile carriers for allowing their users to activate the services.

This alliance will also allow banks and carriers to implement faster, easier and cheaper mobile payment options using NFC according to Greene. Currently Visa payWave is used in a consortium of AT&T, Verizon Wireless, T-Mobile and even Google Wallet.

However, Visa isn’t the only one eyeing up NFC functionality. MasterCard have also announced that it is expanding beyond NFC so that merchants can let customers use QR codes, credit cards and anything else for transactions.

Source: The Verge | Computer World

Roshan Ashraf Shaikh

Disqus Comments Loading...

Recent Posts

Lian Li Introduces EDGE GOLD PSU with Removable USB/PWM Hub

Lian Li, a renowned name in PC components, has just redefined power supply units with…

3 hours ago

Apple Reportedly Discontinues Vision Pro Due to Poor Sales

Apple has reportedly discontinued its Vision Pro mixed reality headset after failing to meet first-year…

3 hours ago

Elden Ring: Nightreign Won’t Repeat Concord or Suicide Squad’s Flop

Elden Ring: Nightreign is set to take players back to the world of Elden Ring…

3 hours ago

ZOWIE Introduces XL2586X+ eSports Monitor With 600Hz Refresh Rate

ZOWIE, a leading brand in professional eSports equipment, has just announced the release of its…

1 day ago

Valkyrie Vind SL125 Black ARGB CPU Air Cooler

This powerful air cooler that has been specifically optimized for maximum heat dissipation, providing you…

1 day ago

Sapphire Radeon RX 7600 Pulse Gaming 8GB GDDR6 PCI-Express Graphics Card

SAPPHIRE's acclaimed Dual X Cooling is powered by two massive yet silent fans and state…

1 day ago