Visa & Samsung Collaborate To Enable Users For Mobile Money Paradigm

Samsung seems to be taking the bull by the horns after the lawsuit loss, the company has come up with some interesting ideas and brilliant technologies in the last one year. YouM LED display was one of them. Now, Samsung has partnered with Visa to enable the smart phone users to pay with their devices instead of hard cash. The technology is called near field communication which uses visa’s contactless payment service called ‘VisaPayWave’. Samsung plans to equip its phones with applets through which the users access the payment service. Both the parties involved in the partnership believe that the success of such a powerful proposition depends on whether banks can be convinced to adopt it.

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The concepts of e-wallet and mobile money are much anticipated and have been raring to enter the market since the first company thought of such an idea. Mobile payments are currently operational but have not included paying for goods and services instead of cash. It includes mobile to mobile or peer to peer bank payments. Muthoot finance started its mobile money transfer services in select cities like Mumbai and Kolkata. Google e-wallet is popular in the US and UK. If you still haven’t checked out Google offers, you might want to log on to the website and see for yourself. You won’t be able to order anything with your e-wallet but you can get a taste of how it will be when they launch it in India.

Banking on devices is nothing new. There have been apps for banking websites. Actually, a lot of hacker attacks that happen are on the mobile websites of banks. If technological development is any indication, banks might just be open to the idea of an e-wallet but with slight persuasion. Apart from Visa, MasterCard also launched its mobile money service called the ‘masterpass’ in a bunch of countries.

E-wallet and mobile money is a market with rich rewards. The whole paradigm would be credit card moving to the mobile. Online and offline, the smart phone would rule the payment scenario, if this works out on the scale that reaches economic balance. There would be problems, sure, but imagine just waving your phone to achieve successful payment. Sound pretty cool doesn’t it.

Image Courtesy |  eandt.theiet.org

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