MasterCard Highlights Essential Role in Samsung’s Latest Mobile Payments Offering
Samsung Pay was unveiled during the Mobile World Congress “Unpacked” event in Barcelona.
The official unveiling marks the coming of another strong competitor in the industry. Samsung Pay will first rollout to customers based in the US and South Korea this summer. Europe and China are expected to receive the payments offering after.
Ed McLaughlin, MasterCard’s chief emerging payments officer, said, “As consumers are increasingly relying on their mobile devices in their everyday lives, we are excited to work with an industry leader like Samsung to deliver new payment options to our cardholders around the world. We have been a pioneer of mobile commerce innovation for years and together we’re delivering a digital payment experience that is both simple and secure.”
New owners of the Samsung Galaxy S6 with MasterCard credit and debit cards from participating banks have the ability to pay through a contactless-enabled and standard terminals using Samsung Pay.
MasterCard transactions are enhanced with the latest tokenization technology for secure purchasing. The company assures its customers are able to take full advantage of the benefits and guarantees that come with a digital MasterCard transaction.
Samsung Pay offers tokenization via MasterCard Digital Enablement Service (MDES) in combination with fingerprint authentication or passcode for comprehensive authorization.
“From the start, Samsung’s vision for mobile payments and commerce has been centered on security, wide acceptance, and a simple user experience. With MasterCard’s tokenization services in conjunction with Samsung’s unique MST (magnetic secure transmission) and NFC technologies, Samsung Pay makes secure contactless mobile payments possible at most NFC or traditional magnetic POS terminals,” highlighted Dr. Injong Rhee, Executive Vice President at Samsung Electronics.
MST transactions are made possible through LoopPay.
Samsung acquired the company last month in a move to leverage the new technology for its payments platform and it enables Samsung Pay to be used at any place that has a card reader, 90 percent of locations in the US, according to LoopPay.