Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Oberthur (OT) Partners with Samsung for EU Mobile Payments
Oberthur Technologies (OT), a provider of digital security solutions for the mobility space, today announced its partnership with Samsung Electronics for the deployment of Samsung Pay in Europe later this year.
The Samsung Pay service will allow Samsung Galaxy S6 and S6 Edge owners to use their smartphone for contactless payments. The S6 and S6 Edge are all equipped with OT’s state-of-the-art NFC embedded Secure Element (eSE), PEARL by OT. OT provides the end-to-end service from the eSE to the digital payment enablement platform for the roll-out of Samsung Pay in Europe.Contracting with Samsung and OT, banks will be able to offer their NFC payment card in the Samsung Pay application in a secure and seamless way. Samsung and OT will manage all the enrolment, provisioning and lifecycle processes for the banks, enabling issuers to deploy their NFC payment service without major infrastructure investment and with a very fast time-to-market.In order to enroll, the end-user simply takes a picture of his or her current payment card (or enters the card’s data) and then accepts the terms and conditions of the service. Once the user has been properly authenticated by the issuing bank, OT will provision the NFC payment card over-the-air in the eSE and it will automatically be available from the Samsung Pay application.
“We created the Samsung Galaxy S6 and S6 Edge from the ground up to be the most advanced smartphones ever made, not only as superior devices from a design and technological standpoint, but also as powerful enablers for unmatched services. Since the early stage of the Samsung Pay service definition, OT has been a key partner to us, both for their innovative mindset and technological expertise and for their strong banking customer footprint,” said Dr. Injong Rhee, Executive Vice President of Mobile Commerce at Samsung Electronics.
“We are very proud to have been the first selected by Samsung for the launch of Samsung Pay in Europe and to bring this new service to the many banks who will partner with us in Europe. Combining our unmatched expertise in the secure provisioning of payment means and other services with PEARL by OT® eSE we are connecting Samsung to a large ecosystem of service providers worldwide,” said Marek Juda, Managing Director of the Solutions Business Unit at OT.
Source: Business Wire