• Friday, July 19, 2024
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BusinessDay

Samsung, MasterCard in new mobile payment push

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As consumers increasingly trade cash to use their cards through connected devices, Samsung is enabling a wider audience to take advantage of digital commerce.

The Korean phone manufacturer, on Monday, unveiled Samsung Pay, a mobile payment service that will enable MasterCard cardholders to use their Samsung Galaxy S6 for everyday in-store purchases. MasterCard built the foundation for secure digital transactions, so consumers can use their cards when, where and how they want.

Samsung Pay delivers a seamless and secure mobile payment experience that will work at both contactless-enabled and most traditional point of sale terminals.

For consumers and merchants alike, that means that every purchase made with a MasterCard using a Galaxy S6 will offer the enhanced security, benefits and guarantees of a digital MasterCard transaction including the latest tokenisation technology.

Owners of the new device will be able to use their MasterCard credit and debit cards from participating banks directly through Samsung Pay. “This is an exciting time for payments,” said Ed McLaughlin, chief emerging payments officer, MasterCard. “As consumers are increasingly relying on their mobile devices in their everyday lives, we are excited to work with an industry leader like Samsung to deliver new payment options to our cardholders around the world.

We have been a pioneer of mobile commerce innovation for years and together we’re delivering a digital payment experience that is both simple and secure.” Speaking in the same vein, Injong Rhee, executive vice president at Samsung Electronics, said the company’s vision for mobile payments and commerce has been centered on security, wide acceptance, and a simple user experience.

“With MasterCard’s tokenization services in conjunction with Samsung’s unique MST (magnetic secure transmission) and NFC technologies, Samsung Pay makes secure contactless mobile payments possible at most NFC or traditional magnetic POS terminals,” explained Rhee.

“Samsung’s KNOX security platform and fingerprint authentication make Samsung Pay transactions highly secure and easy to use.” The MasterCard Digital Enablement Service (MDES) enables MasterCard consumer credit and debit cardholders to use Samsung Pay.

In building a secure payment experience, Samsung Pay leverages industry-standard cryptography based protections to ensure transactions can take full advantage of one of the most secure payments technologies in the world.

In order to protect consumers, Samsung Pay transactions also incorporate additional security features including tokenization via MDES and fingerprint or pass code payment authorization. Samsung Pay will first be made available for United States (US) consumers this summer. MasterCard will be working with Samsung to roll out Samsung Pay to additional global markets including Korea.

 

Ben Uzor