Mobile payment services continue to develop and consumers will soon be able to use the technology to purchase a host of products and services securely.
That is the opinion of Phil Lander, UK director for channel sales mobile and IT enterprise at Samsung, who discussed both the evolution of mobile payments and the firm’s long-term strategy at RBTE 2016.
“We’re really only just at the beginning,” said Lander, referring to continued developments in payment technology. “My personal belief is the smart phone will replace the physical wallet.”
Lander envisages a situation where other elements of a physical wallet – such as gym membership cards and driving licences – can be stored within a secure, mobile environment.
He said consumers are keen to replace their wallets with mobile payment mechanisms. However, he thinks big firms have struggled to make such replacement a reality due to a number of key concerns.
First, security – consumers want stronger piece of mind that their money is going to be protected. Second, systems need to be usable at home and abroad. Finally, consumers need a simple payment experience that extends into other related areas, such as loyalty programmes.
Lander believes Samsung Pay – which has already launched in the US and South Korea – helps overcome challenges. The payment system allows users to take advantage of multiple terminals in multiple markets.
The platform uses mobile security technology, Samsung Knox, to monitor and protect information on devices. Biometrics adds an extra layer of authentication. The technology firm has also focused on user experience in order to create a simple payment mechanism.
“FinTech is an exciting market. There’s lots of innovation and we believe mobile payment is a key area going forwards. Good, strong relationships with merchants are the key to success – they can help to increase user adoption of payment services,” said Lander.