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.
Samsung’s New NFC Chip Enables Secure Mobile Payment by Enhancing NFC with Security Features
Samsung Electronics Co., Ltd., a world leader in advanced semiconductor solutions, announced today its new system-in-package (SIP) near field communications (NFC) chip, the SENHRN1. The new Secu-NFC chip combines a NFC controller and a secure element storing personal information and security keys with advanced encryption technologies, a prerequisite for reliable and efficient mobile payment on NFC-enabled mobile devices. Samsung´s new NFC solution will be on display at CARTES 2011 from November 15th through 17th at the Samsung booth # 3 C 035 in hall 3 at the Paris-Nord Villepinte Exhibition Center.
"Mobile payment, ticketing, data sharing, electronic ID card functions are some of the diverse user services enabled by NFC technology, which is becoming a key service enabler on emerging convergence technologies," said Dojun Rhee, vice president of System LSI marketing, Device Solutions, Samsung Electronics. "Samsung´s new secure NFC solution with its high data storage capacity provides consumers with ample room to expand operation service and features to deliver the ultimate user experience."
The new solution is based on Samsung´s proven in-house expertise and experience in smartcard ICs, which involves advanced RF sensitivity features and enhanced data encryption technologies, and its wealth of package technology, utilizing advanced SIP technology.
Samsung´s Secu-NFC chip, packaged as a SIP, has identical form factor measurements (4.3mm X 4.3mm X 1.0mm) as a standalone NFC chip. This raises the area space efficiencies on mobile devices. The pin-to-pin compatibility also allows mobile device´s designers to immediately adopt the new solution without additional cost, engineering and design efforts.
The embedded secure element has a 760 Kilobyte (KB) high-density flash memory providing users with sufficient capacity to store one´s choice of diverse mobile services such as credit card codes, e-money, transportation transaction/payment services, coupon services and more.
Moreover, Samsung secures various payment solutions including operation systems required for mobile payment services in respective regions and countries, including Europe, North America and China.
Samsung´s NFC controller has an enhanced battery-off feature so it remains active for payment transactions even when the mobile device is discharged. Additionally, an embedded single wire protocol interface, allows consumers to enjoy the full breadth of services available by using U-SIM as well as the embedded secure element.
Samsung´s Secu-NFC chip, the SENHRN1 is currently sampling to customers.
According to market research firm ABI Research, NFC-enabled mobile phones are expected to reach 34 million units in 2011 and at a 75 percent compound annual growth rate to reach 552 million units by 2016 of which up to 78 percent would be comprised of secure NFC enabled handsets with the embedded secure element.
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