Visa Inc. (NYSE:V) today 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.
“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.
For more information visit: www.visa.com/digitalsolutions.
About Visa Inc.
Visa Inc. (NYSE:V) is a global payments technology company that connects
consumers, businesses, financial institutions, and governments in
more than 200 countries and territories to fast, secure and reliable
electronic payments. We operate one of the world's most advanced
processing networks — VisaNet — that is capable of handling more than
56,000 transaction messages a second, with fraud protection for
consumers and assured payment for merchants. Visa is not a bank and does
not issue cards, extend credit or set rates and fees for consumers.
Visa's innovations, however, enable its financial institution customers
to offer consumers more choices: pay now with debit, pay ahead of time
with prepaid or pay later with credit products. For more information,
visit usa.visa.com/about-visa,
visacorporate.tumblr.com
and @VisaNews.
Copyright Business Wire 2015