Samsung has grown to be a conglomerate that has interests across different fields of technology, so much so that the South Korean company seeks to expand even further by working with Mobeewave in order to deploy mPOS Payments around the world.
Samsung's track record where cashless payments are concerned include Samsung Pay, which have proved to be a huge hit among smartphone owners of Samsung's very own Galaxy range. With mPOS Payments, Samsung intends to shake things up further by paving the way for merchants to take advantage of an NFC-capable Galaxy smartphone as a contactless payment terminal. In other words, a Samsung POS (Point Of Sale).
Mobeewave is a fintech company whose expertise will surely be essential as part of this partnership. A select few living in the Great White North would have had been able to enjoy the pilot program for Samsung POS, and the official Samsung POS app has just been released on the Google Play Store and the Galaxy Store.
It is notable that the pilot program saw more than 10,000 downloads of Samsung POS, where the majority of these were driven by transactions at micro-merchants and small businesses without any specific industry standing out. In a nutshell, everyone is looking for a more convenient (and safer) way to pay.
What makes the all-new Samsung POS solution so different? For starters, merchants will not have to invest in extra hardware apart from a relatively affordable NFC-enabled Samsung smartphone that runs the Samsung POS app. The Samsung POS app will accept payments from different contactless cards, Samsung Pay, Google Pay, and Apple Pay, in addition to Mastercard and Visa.
There is a whole lot of money to be made in the contactless payment segment especially in developing countries where the adoption of high end smartphones do not seem to show any visible signs of slowing down. Samsung intends to tap into the ever growing market of micro-merchants and SMEs. The beauty of it all would be having a smartphone function as a POS system, and this will no doubt turn heads and interested business owners in making their payment gateway all the more accessible across the board.
Sunny Park, VP and Head of Service Operation Group, Mobile Communications Business at Samsung Electronics, shared, "We're excited to launch this solution with our strategic partner, Mobeewave. Their patented contactless payment processing platform is the only mobile-based solution accepting Mastercard, Visa and Interac transactions in pilot in Canada. Mobeewave has passed numerous certification and security processes, to deliver a highly secure payment acceptance solution to merchants in a variety of verticals. Their proprietary technology allows us to launch this new solution on a global scale."
Maxime de Nanclas, co-Founder, Mobeewave, added, "Together with Samsung, we're creating a brand-new market segment with an opportunity to offer the untapped micro and small business market with an easily accessible, highly secure, low-cost and easy-to-use mobile payment acceptance solution. There are an estimated 25 million micro-merchants and approximately 5.5 million small merchants worldwide, many of whom are unable to grow their business due to a lack of easily accessible and affordable payment acceptance services. We aim to drive incremental revenue for these businesses through our secure solution."
While the Samsung POS solution remains limited to Canada as at press time, there are plans by Samsung to introduce a global rollout some time next year. There is a wide range of Samsung smartphones that offer NFC connectivity, from the affordable Samsung Galaxy A series all the way to the flagship Galaxy S10 and Galaxy Note10 range.
