CES 2020 Samsung Unit, Syniverse To Let Phone Users Make Payments Globally

Posted: Jan 10 2020, 5:22am CST | by , in CES

 

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CES 2020 Samsung unit, Syniverse to let phone users make payments globally

Anyone with a phone will soon be able to make transactions anywhere in the world.

Samsung SDS, a subsidiary of South Korean consumer electronics giant Samsung, has partnered with connected company Syniverse to develop a wallet-agnostic, mobile payment platform that can make transactions globally.

The two companies will be combining their expertise in blockchain and mobile technologies to offer a solution that would allow anyone with a phone make payments wherever they are in the world.

Samsung SDS and Syniverse, in a joint statement, said the solution will be regulatory compliant. This sparks concerns about whether or not the technology would indeed be approved by regulators especially with the growing scrutiny over digital wallets and payment methods like Facebook’s cryptocurrency Libra that still continues to face challenges even before its planned launch.

Syniverse and Samsung SDS plan to make the digital wallet work with any mobile operator to allow any individual who owns a phone send money, loyalty points, or other digital currencies to other users or other merchants globally.

Syniverse will contribute its platform that links more than 7 billion mobile devices across 158 countries and processes more than $35 billion in transactions every year.

“Our goal is to establish universal financial transaction trust for every connected device in the world. As part of this, we’re focused on reducing the friction of cross-regional mobile payments and addressing ever-increasing regulatory requirements by leveraging blockchain technologies,” Syniverse CEO and President Dean Douglas said in a statement.

The companies have yet to disclose a release date for their new mobile technology.

Catch the latest updates on the biggest consumer electronics trade show, including all the new and improved products from tech giants and startups, at I4U News’ dedicated CES 2020 News Hub.

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<a href="/latest_stories/all/all/81" rel="author">Mandy Jean</a>
Mandy covers the latest news in Tech and Business.

 

 

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