Visa Inc. is all set to support mobile payments (m-payments) made using the new Samsung Galaxy S6. Eligible consumers in the US will be able to make secure Visa payments with Samsung Pay, Samsung’s new payment service scheduled to launch this summer.
Samsung Pay is supported by Visa Token Service technology designed to enable secure payments with a broad range of connected devices. This new innovative technology from Visa replaces sensitive payment account information found on plastic cards, such as the 16-digit account number, expiration date and security code, with a unique series of numbers that can authorise payment without exposing actual account details – helping to make m-payments safer for everyone, everywhere.
“Working in partnership with Samsung, we are able to bring secure mobile payments to millions of consumers around the world,” says Ryan McInerney, global president, Visa Inc. “Combining Visa’s expertise in payment technology with Samsung’s global leadership in creating innovative mobile experiences, gives more choice to financial institutions who want to enable their customers to pay with the new generation of mobile devices.”
To make Visa purchases in-store with Samsung Pay users will simply have to select their preferred Visa account and hold the device near a payment terminal. The new Samsung Galaxy S6 is equipped with both Near Field Communication (NFC) and Magnetic Secure Transmission (MST) technology that enable the device to wirelessly transmit payment information to either a contactless or traditional stripe merchant terminal.
“Samsung has been committed to innovation across our devices and services. With the launch of the new Galaxy S6 we are also introducing an innovative payment service that will allow consumers to make in-store purchase at most of their favourite merchants. The partnership with Visa played an important role in the creation of a global contactless mobile payment service,” adds Injong Rhee, executive vice president at Samsung Electronics. “We believe that we have a strong value proposition for financial institutions and merchants that will ultimately allow consumer choice in contactless payments.”