Today, business is performed on-the-fly in coffee shops, on the golf course and over lunch meetings. But using a public WiFi system is risky, so be sure to login with your unique smartphone and tablet hot-spot Internet connection for added security. If your using a mobile device carrier such as AT&T, Verizon and T-Mobile then its a more secure transaction much less likely to be hacked. Although, we’ve detected that more sophisticated hackers can tap into the the (SS7) network shared by most carriers as the backbone for all mobile device communications. But generally, your protected for daily business activities by protecting yourself during a mobile credit card processing transaction on your unique smartphone and tablet apps.
SocialCommerceApps.com helps companies setup secure mobile transaction systems using apps like PayPal, Square, Stripe, SamsungPay and ApplePay. We recommend these high quality mobile credit card processing solutions. Learn about the technology prior.
How Does Samsung Pay Work?
Samsung Pay works using a Magnetic Secure Transmission (MST); a technology that emits a magnetic signal that mimics the magnetic strip on a traditional payment card. MST sends a magnetic signal from your device to the payment terminal’s card reader (to emulate swiping a physical card without having to upgrade the terminal’s software or hardware). MST technology is accepted at nearly all payment terminals with a card reader. Some payment terminals may require software updates for VISA, MASTERCARD and AMEX.
Simply select a pre-installed credit card from Samsung Pay, and transmit the payment information by moving your device within an inch of the payment terminal. Your transaction and payment information will be kept private and secure with the use of tokenization. MST is more secure than using a traditional payment card and is as secure as paying with Near Field Communication (NFC).
What About PayPal?
PayPal (PYPL : NASDAQ) has completed its successful spin-off from Ebay. The results have been rather impressive with active accounts rising 11.5% to 184 million in the first quarter, topping the average analyst estimate of 182.8 million, according to research firm FactSet StreetAccount.
Overwhelmingly, PayPal is the market share leader in e-commerce payments. It’s mobile payment apps compete with with Stripe and Samsung Pay, as the latest technology apps.
Although, we feel Apple Pay (NFC) has generally fallen behind the innovation curve and due for an upgrade in technology particularly the ability for ubiquitous acceptance.
PayPal’s total payment volumes surged 28.6 percent to $81.06 billion.
“The company’s growth is just very consistent above the market growth rate,” Susquehanna Financial Group analyst James Friedman said.
PayPal processed 1.41 billion transactions in the quarter, slightly higher than the average estimate of 1.39 billion.
The company said it was seeing strong growth in its Venmo platform, which allows person-to-person payments.
“We are on track to expand to more merchants and open the service to our full Venmo customer base in the second half of this year,” Chief Executive Daniel Schulman said on a post-earnings conference call.
PayPal’s total revenue rose 19% to $2.54 billion in the quarter ended March 31, while net income jumped 43% to $365 million, or 30 cents per share.