Visa and Samsung Partner Up to Accelerate NFC based Payments
Samsung and Visa: Good or Bad?
NFC has so many other uses like sharing files, videos, etc., but the main use is mobile payments. There are several services like Google wallet and ISIS, which allow you to use your NFC device to pay for stuff with just a swipe of the phone. Although, neither of these services are widespread in use. However, there are two new companies looking to boost NFC based payments, Samsung and Visa. These two companies have partnered up in the hopes of accelerating NFC based payments.
This partnership between the two giants in their respective fields is planning to use “Visa’s expertise in payments and Samsung’s top position in mobile technologies”, in an effort to “significantly boost the availability of mobile payments worldwide.” This means that in the future you will be seeing Samsung devices come pre-loaded with support for Visa payWave payments.
NFC based payments: the future?
Visa payWave payments is similar to any other NFC payment services, where you just wave your device on the terminal and pay for any thing. Visa and Samsung have been in talks for quite some while now, although we haven’t seen any device announcements yet. Maybe, Samsung will announce something on March 14th when it launches the Galaxy SIV but that’s just an assumption.
At the moment all we know is that the Visa payWave app will come preinstalled on Samsung’s next-gen mobiles. So, the devices will have to include a secure element to process payments using payWave app. This seems like a great step towards convincing people to use NFC based payment systems.
What do you think? Would you prefer using NFC based payment services instead of traditional services? Let us know.
Check out the news release here for more info on the partnership between both companies.