To make a purchase 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 enabling it to wirelessly transmit payment information to either a contactless or traditional magnetic stripe merchant terminal.
“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.”
Similar partnership on Samsung Pay had occurred between Samsung and Mastercard.
This new payment service is supported by Visa Token Service technology, which meant to allow secured payments with a broad range of connected devices.
“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.”
This new innovation will be launched in the U.S by summer this year and will be available to Visa account owners from U.S financial institutions.
Eligible consumers can now make secured Visa payments with Samsung Pay right on their mobile phones.
Photo credit: hypebeast