The mobile payments market has been heating up like crazy ever since Apple entered the fray, with Google trying desperately to improve its existing offerings and Samsung just now entering the market, but one company has remained conspicuously absent: Microsoft. However, if the company’s recent filing to establish a new company known as Microsoft Payments is any indication, it won’t be staying out of the market for too much longer.
After Google’s acquisition of Softcard, Windows Phone users were left without a solution when it came to mobile payments via NFC. A new filing by Microsoft suggests that a new mobile payment system is on its way and it could be here soon. According to Faisal Khan, a banking / payments consultant, Microsoft has filed to establish a mobile payment company known as Microsoft Payments Inc; Microsoft has also registered with the Financial Crimes Enforcement Network (FinCEN). Although this could yield some type of new payment system in the future for Windows Phone, it could also just be Microsoft registering to create a placeholder. While mobile payments have become a bit more popular thanks to the introduction of Apple Pay, it still isn’t a highly utilized method of payment. Although Google’s “Wallet” has been available for some time, it has failed to gain mainstream traction. Google and Apple will also face new competition in the form of Samsung’s LoopPay; Samsung recently acquired LoopPay, which is currently accepted at around 90% of retail location.