Mobile World Congress – PayPal
and Samsung
today announced a collaboration that will make Samsung Galaxy S5 users
the first to be able to login and shop at any merchant that accepts
PayPal on mobile and in-stores with only their fingerprint. The new
secure, biometric feature means Galaxy S5 users will no longer need to
remember passwords or login details across millions of PayPal merchants.
PayPal will be the first global payments company to support Samsung’s
mobile fingerprint authentication technology.
Samsung is one of the world's most trusted handset makers, with a strong
presence in more than 150 countries. By using fingerprint authentication
instead of a traditional login and password on the new, fifth generation
Samsung Galaxy S5, launched today at Mobile World Congress, consumers
benefit from an even more secure and seamless mobile and in-store
shopping experience across the millions of merchants that accept PayPal.
“We spearheaded the Fast
IDentity Online Alliance last year and predicted that the industry
would soon move
beyond passwords, and this announcement brings us one step closer to
that reality,” said Hill Ferguson, Chief Product Officer for PayPal. “By
working with Samsung to leverage fingerprint authentication technology
on their new Galaxy S5, we are able to demonstrate that consumers don’t
need to face a tradeoff between security and convenience. With a simple
swipe of a finger, consumers can still securely log into their PayPal
account to shop and pay with the convenience that mobile devices afford.”
PayPal provides a secure wallet in the cloud and doesn’t store personal
information on the device. Customers can use their finger to pay with
PayPal from their new Galaxy S5 because the FIDO Ready™ software on the
device securely communicates between the fingerprint sensor on their
device and PayPal’s service in the cloud. The only information the
device shares with PayPal is a unique encrypted key that allows PayPal
to verify the identity of the customer without having to store any
biometric information on PayPal’s servers.
"We are very excited about our relationship with PayPal as it will bring
one of the most trusted online payment solutions in the world to the
broader mobile market," said Hankil Yoon, Senior Vice President of
Mobile Product Strategy. "Together with PayPal, we expect to provide our
customers with a seamless and secure experience in online shopping and
payments on our new Samsung Galaxy S5."
Starting in April, PayPal fingerprint authentication on the Samsung
Galaxy S5 will be available in 26 markets globally, including Australia,
Brazil, Hong Kong, Russia, United Kingdom and United States. To watch a
video of the experience, please click here.
About Samsung Electronics Co., Ltd.
Samsung Electronics Co., Ltd. is a global leader in technology, opening
new possibilities for people everywhere. Through relentless innovation
and discovery, we are transforming the worlds of TVs, smartphones,
tablets, PCs, cameras, home appliances, printers, LTE systems, medical
devices, semiconductors and LED solutions. We employ 286,000 people
across 80 countries with annual sales of US$216.7 billion. To discover
more, please visit www.samsung.com.
About PayPal
PayPal is the faster, safer way to pay and get paid online, via a mobile
device and in store. The service gives people simpler ways to send money
without sharing financial information, and with the flexibility to pay
using their account balances, bank accounts, credit cards or promotional
financing. With 143 million active accounts in 193 markets and 26
currencies around the world, PayPal enables global commerce, processing
more than 9 million payments every day. Because PayPal helps people
transact anytime, anywhere and in any way, the company is a driving
force behind the growth of mobile commerce and processed $27 billion in
mobile payments in 2013. PayPal is an eBay (Nasdaq:EBAY) company and
contributed 41 percent of eBay Inc.'s revenues in 2013. PayPal is
headquartered in San Jose, Calif. and its international headquarters is
located in Singapore. More information about the company can be found at www.paypal-media.com.
Copyright Business Wire 2014