*This story was co-authored by Rita Chang.
While a lot of news came out of Mobile World Congress in Barcelona this week, the one item that caught our eye was the announced partnership between Visa and Samsung, a development that could give mobile payment a much needed shot in the arm. Under this agreement, Samsung would embed Visa’s payment capabilities into its devices that use the contactless Near Field Communication (NFC) technology, allowing consumers to make purchases by waving their devices nearby an NFC payment terminal.
This collaboration is needed if mobile payment is to gain any global traction. For the first time, we have a ubiquitous payment network allied with the largest smartphone maker in the world. So, what can go wrong?
NFC More Popular in Japan
Merchants won’t invest in NFC terminals unless there’s evidence consumers will embrace the technology, and consumers will ask why they should tap their phones at checkout instead of swiping their credit cards. Japan provides a good study in this case. [Read more...]