Stock image of Samsung smartphone being used to activate a payment on a Visa payments device.

Visa and Samsung accelerate NFC payments

Samsung and Visa have unveiled that all next-generation Samsung smart devices will feature Visa’s PayWave applet enabling consumers to ‘wave and pay’. 

The first device reported to have the near-field communication (NFC) feature is the upcoming Samsung Galaxy S4.

Announced at Mobile World Congress 2013 in Barcelona, the global alliance agreement focuses on the two companies encouraging more financial institutions and mobile payment services to participate. 

Security is a concern, but the transfer of payment account information from the Samsung NFC devices will be protected by a security chip embedded in the hardware which uses Visa’s Mobile Provisioning Service.

The alliance aims to make NFC mobile payments an everyday routine for users, but Bill Gajda, global head of mobile product at Visa acknowledged there are still barriers in NFC payments. Speaking at Mobile World Congress’s ‘Building the Ecosystem for NFC Services’ conference, he said: “No-one is saying that the technology doesn’t work. It does work. However, there is still an issue around acceptance, no-one is born with this knowledge, therefore education is key.”

Gajda added: “The NFC ecosystem is gradually coming together, but merchants and consumers must be educated on how it works and trust the technology is secure.”

Gajda said that the agreement is not exclusive on either side, both companies will continue to announce more partners in the future.

More information:
www.samsung.com
www.visa.co.uk

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