Mobile payments – why the latest technology may not be such a good idea

From Pulse –

“In a recent article (‘Reflections on the fintech revolution’) I referred to technology vendors who constantly harassed the financial services industry with a range of new technologies and tech-solutions leaving it up to the banks to find the problem for their solution to solve.

The reality was that there are dozens of problems and for the most part they are all partially solvable by these new technologies. In truth however many of these solutions are simply just not viable. This is either as a pure business proposition or because somewhere along the line the technology is not quite as perfect as one is led to believe.”

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Samsung’s New Mobile Payment System Has One Big Advantage Over Apple Pay

From Time Money -

“Apple Pay requires NFC connectivity and Samsung doesn't. Point: Samsung.

Last week Samsung announced its new Note 5 and Galaxy Edge 6+, the Korean electronics giant’s new big-screen smartphones. In addition the standard buzz of hardware specs came the first demonstration of Samsung Pay, the contactless payment system to challenge Apple Pay that will come standard on these devices.”

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Apple Pay, Samsung Pay, Android Pay: What This Means for Banks

From Bank Innovation –

“Over the past 25 years digital disruption has been occurring, but nowhere are these disruptions felt the hardest than by banks. Large established bank institutions are leading the charge in the digital disruption strategy and managing the velocity of technological change. Banks that don’t adopt new technologies will have very few easy choices for growth.

Speed of adoption to new technologies, especially mobile banking, is arising from consumers’ usage. Let’s take a look at digital banking and three major providers of mobile payments: Apple Pay, Samsung Pay and Android Pay.

Mobile banking is becoming more prevalent than ever, due to ease and convenience. The major smartphone and mobile device manufacturers all seem to be getting involved with mobile banking and mobile payments.

Currently, Apple’s iPhone leads the mobile market share with regard to handsets, at 42% share of market. While Samsung is at 28%. But more importantly is the operating system, in which Android leads with 52.4%, and not too far behind is Apple’s iOS at 42.6%. Apple has showed small gains in recent months.”

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