NFC Payments Goes Global With Samsung And Visa

  • NFC Payment System
  • Secure element
  • Google Wallet

NFC or Near Field communication is a technology that uses radio frequencies to allow two devices to communicate with each other without the need to have physical contact.

  • NFC Payment System
  • Secure element
  • Google Wallet

NFC or Near Field communication is a technology that uses radio frequencies to allow two devices to communicate with each other without the need to have physical contact. Practical application of this technology is already in use by a lot of companies especially in the field of mobile payments.

Recently, Samsung and Visa have announced that they are looking to take NFC mobile payments global. Both companies have signed an agreement allowing Visa to power the secure element that runs on Samsung’s current and future NFC devices. And with Visa’s agreements with multiple mobile payment systems, this will make mobile payments convenient to Samsung mobile phone owners.

Having said this, it’s safe to assume that Visa’s payWave app will come preinstalled on every new Samsung device that has NFC. Furthermore, the deal will allow the option for financial institutions to launch large-scale mobile payment programs using Visa’s MPS (Mobile Provisioning System) which will offer banks the ability to load payment account information to a secure chip embedded in Samsung devices.

However, the partnership between Samsung and Visa will be a hard blow to other companies and services that make use of NFC such as Google Wallet and ISIS, especially with Samsung’s dominance in the Android ecosystem. Nevertheless, it is very interesting how this collaboration will affect how people will use NFC in the future.

What are your thoughts about Samsung and Visa’s partnership to push NFC payments on a global scale? Share with us your thoughts by leaving a comment below. Don’t forget to subscribe to our site and add us up on Facebook, Twitter and Pinterest.

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