The FINANCIAL -- Visa Inc. (NYSE:V) on March 1 announced it is supporting consumer payments with the new Samsung Galaxy S6. Eligible consumers in the U.S. 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 which is 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 be used to authorize payment without exposing actual account details – helping to make mobile payments safer for everyone, everywhere, according to Visa Inc..
“Working in partnership with Samsung, we are able to bring secure mobile payments to millions of consumers around the world,” said 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 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 magnetic stripe merchant terminal.
“Samsung’s vision for mobile payments and commerce is rooted in secure, simple, and convenient user experiences. Our partnership with Visa realizes this vision by combining Visa’s secure tokenized service with Samsung’s unique MST (Magnetic Secure Transmission) and NFC technologies. Samsung Pay enables consumers to make simple and secure mobile payments at most merchant POS terminals,” says Dr. Injong Rhee, EVP, Mobile Commerce, Samsung Electronics. “Using Samsung’s KNOX security platform and fingerprint authentication, Samsung Pay will deliver a truly revolutionary and secure payment experience to Samsung Galaxy users.”
Samsung Pay is scheduled to launch during the summer of 2015 in the U.S. The new service will be made available to eligible Visa account holders from U.S. financial institutions participating in the Samsung Pay program.