Samsung partnering with Visa to turn your smartphone into a payment terminal
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Samsung is partnering with Visa and Fiserv, a leading global provider of payments solutions, to develop a Software Point of Sale (SoftPOS) solution that will just require a smartphone or a tablet. This new solution will make use NFC technology in smartphones or a tablets to enable contactless transactions from existing contactless cards or other NFC-enabled mobile devices, or other NFC-enabled devices such as wearables and key fobs.
Basically, instead of tapping your NFC-enabled card or mobile on a traditional payment terminal, you can tap a NFC-enabled mobile device to make your payment. By this way, shop owners need not buy several traditional payment terminal for each employees. Instead, they can use mobile devices. Samsung and its partners will test this solution in Poland by the end of 2019. Later, they will expand it to EMEA and APAC regions.
“This project could only launch in a country where contactless payments are highly popular, and Poland is among global leaders in this method of payment. Thanks to SoftPOS, a greater number of domestic points of sale will be able to accept contactless payments, providing consumers with quick, convenient, and secure contactless payments with a card, smartphone, or watch. With this technology we are able to rapidly expand access of card and digital payments across Poland, even for the micro business owner who is still in many places accepting only cash today,” said Katarzyna Zubrzycka, Head of Merchant Sales & Acquirer, Central Eastern Europe, Visa.
“With SoftPOS, we address our vision to become an innovator of new mobile experience, through advanced technology and products. Today we enable access to a new solution that makes entrepreneurs’ life much easier and more convenient. Thanks to defense-grade Samsung Knox Security Platform, Customers can be sure that their payments will be safe” said HS Myung, VP, Global Mobile B2B Team, Head of EU/CIS, North/Latin America, Global Channel Sales, Samsung Electronics.
Source: Samsung
