Mobile Payments Market Ready to Explode, Ingenico Partners with Samsung

Mobile Payments in the U.S are set to reach $90 Billion in 2017 from $12.8 Billion spent in 2012, rising at a CAGR of 48% according to a report from Forrester. The latest to try and grab a share of this market seems to be Payment solutions Leader – Ingenico – and Samsung. The two companies have entered into a partnership to offer a joint mobile payment solution.

This collaboration will enable retailers and merchants to benefit from a seamless mPayment system - bringing together Ingenico's merchant mobile platform and card readers with Samsung's mobile devices and tablets. The combination of Ingenico (financial institutions) and Samsung's (telecommunications operators) channels to market will bring an end-to-end and secured mPayment to businesses of all sizes.

'We are very pleased to be associated with Samsung in this ground-breaking alliance, which illustrates our unique position to deliver secured seamless payment solutions throughout the world, said Ingenico's, Patrice le Marre. We are excited about the benefits that this partnership will bring,' he added.

'There is significant market demand to provide more secure, more rugged services for small and large enterprises as new companies make the shift to mobile, said Jongshin Kim, V.P of Mobile Communications Business, Samsung Electronics. We believe that Samsung and Ingenico's combined global reach provides the most comprehensive merchant payment solution in the market.'

'We are very excited to enter a strategic partnership with Samsung, enabling them to expand their presence in the payments sphere, said Ingenico CEO, Philippe Lazare. This global scale alliance represents a significant milestone, as two industry leaders combine to bring the best of the mobile and payment worlds.'

In November 2013, Ingenico had partnered with Stratix, an outsourcing Managed Mobile Money Services provider - to provide merchants with a completely managed mobile point of sale system. The combined offering of Stratix and Ingenico provides merchants and businesses with a completely managed mPOS. The platform comes with a support solution option which helps manage ‘per device’ monthly payment plan.