Technology giant Samsung (Nasdaq: ssnlf) is ready for the mainstream launch of a new Tap-to-Pay feature for its Digital walletdesigned to change the landscape for digital payments.
According to its official messageUsers of Samsung Wallet will be able to transfer funds to other users by tapping devices. The function leans on the NFC function (NEAR-FIELD Communication (NFC) on Samsung devices to transfer funds and avoid the inconvenience of manually obtaining bank account details.
The feature will be revealed to US-based users in May and allows users to send money from debit cards linked to their digital wallets to other third-party apps. With the new functionality, Samsung Wallet users can use Tap-to-Pay feature to send money to Google Wallet (Nasdaq: Googl) and Apple Wallet (Nasdaq: Aapl) by knocking on units.
Users can send money to other Samsung wallet holders via a telephone number search without relying on the crane-to-payment function. With the help of the new NFC-based functionality, Samsung Wallet users can send money for debit or credit cards that are not assigned a digital wallet.
“Samsung Wallet is a powerful tool that is easily accessible to millions of galaxy smartphones, and with this update we take the experience to the next level,” read the company’s statement.
Apart from its partnership with Visa (Nasdaq: v) and mastercard (Nasdaq: MA), Samsung Wallet drives the boundaries of traditional digital Wallets to include data storage. The report notes that Samsung Wallet users can store a driver’s license, credit card, gym membership, student -ID and loyalty cards.
“Many users want flexibility to perform their most common and important tasks on their mobile device,” read the report. “Samsung Wallet will help make payments to friends and family quick and comfortable.”
Despite the benefits, the new Tap-to-Pay feature has an obvious deficiency in its design. Samsung’s press release reveals that transfers will be decided within two minutes, depending on the bank, trigger a great need for immediate processing.
Pundits says Samsung can shorten treatment times by leaning on Stablecoins And digital currencies in their digital wallet.
Tap-to-Pay digital wallet offers collect steam
Contactless payment has recently registered growing adoption levels, with several technical heavy weights that roll out their offers. Back in April Google Wallet rolled out its Crane functionality with parental checks to improve payments for children.
On the other hand, Apple has Launched Its NFC TAP-and-Go technology for third parties in the EU. The steps in contactless payments increase in digital payments, predicted exceed $ 3.8 trillion in transaction volume 2025.
Mastercard wins antitrust figures against mobile wallet platform Ovoska
In the second news, the payment service company Mastercard has won an antitrust area against a fintech company OV -loop and struck accusations of an unfair monopoly over the payment sector.
According to a reuters ReportThe court rejected the case in favor of Mastercard and noted that the OV loop has not proven its case in addition to a probability balance. US district judge Indira Talwani notes that the OV loop failed to prove that Mastercard had an unfair monopoly over the mobile payment landscape.
The mood, submitted in 2024, accused Mastercard to deny the OV loop access to digital payments Technology required to expand a robust fintech platform. OV Loop claimed that MasterCard’s denial violated the US antitrust rules, with the mood that applied for $ 75 million in damages.
In the Court of 2024, OV loop stated that Mastercard adopted an unfair process to provide access to important tokens required to create a digital wallet payment platform. OV Loop claimed that MasterCard’s refusal to give access to their ability to compete with other digital wallets such as Apple Pay, Samsung Wallet and Google Pay.
As part of its arguments, Ov Loop notes that it received tokens from VisaWith Mastercard barring on the disclosure in his defense. In addition, Mastercard claims that OV Loop did not present evidence for a “actual refusal” to trade it.
“OV Loop admits that Mastercard competes with three other payment card networks,” Mastercard said in its defense.
In Talwani’s decision, the OV loop failed to provide enough evidence to disprove the general rule in antitrust rules. The Court considered that private companies could exercise discretion when choosing units they want to trade in.
The case comes on the heels of increased antitrust monitoring of supervisory authorities in the payment sector. Previous Commission Commission (CCI) launched a request to alleged violations of antitrust on their payments in the app after a complaint from a variety of Indian fintech companies.
Outside funding, the antitrust monitoring activity warms up to a boil with supervisory authorities that tighten the screws in artificial intelligence (AI) and the metavere industry.
MasterCard Zeros into Emerging Technology
Mastercard, which is fresh from the case against OV Loop, throws its weight behind to include new technologies to improve the extent of its payment offer. The company has applied for a variety of blockchain tools while de onboarding fintech companies for its web3 solutions.
The pay giant increases its batch size with AI and leans on the technology to deceive. An AI chatbot also adapts shopping experiences for users, while Stablecoins drive the limits of payments.
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