New Mobile Payment Options
Mobile in-store payments are expected to grow in the United States due to growing competition brewing between Google, Samsung, and Apple.
Google Pay and Apple Pay, which are gradually being rolled out into the U.S. market are expected to hit a 50% saturation level by the end of 2015.
In Mid-April of 2015, Samsung will start shipping the Galaxy S6 and Galaxy S6 Edge smart phones which will have both the NFC technology and a new embedded magnetic copper ring that supports transmission capability that will be used by the new Samsung Pay service. With the phone having both technologies, it’s estimated that users will be able make payment at up 90 percent of 12 million payment locations at stores throughout the U.S.
The new technology, provided by LoopPay will have support for Tokenization regardless of whether the connection is being made via and NFC connection or a magnetic connection
Goggle plans to purchase new technology from SoftCard, another NFC based payment system, so that this will allow Google Wallet to be pre-installed on all new Android phones sold by Verizon, AT&T
and T-Mobile.
Additionally, retailers like Best Buy and WalMart will be offering a new service called MCX, which doesn’t rely on NFC for it’s function. However, some doubt that this will catch-on because of fees associated with the service.
The direction that all of this is going is that at many most retailers, you will likely no longer be required to have credit Card to make a purchase.
If you would like more information on payment services that are currently available for Point of Sales, please contact the CCS Retail Systems Sales Department.
– John