International. Payment multinational Visa and cell phone production company Samsung are joining forces to further boost the secure mobile payment mechanism.
In a statement, Visa announced that it is supporting consumer payments with the new Samsung Galaxy S6, so eligible consumers in the United States will be able to make secure payments with Visa through Samsung Pay, Samsung's new payment service that will launch this summer. Samsung Pay is backed by Visa Token Service technology, designed to enable secure payments with a wide range of connected devices.
This innovative new technology from Visa replaces the 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 the actual account details, which helps make mobile payments more secure for everyone, everywhere.
"Working in partnership with Samsung, we can bring secure mobile payments to millions of consumers around the world," said Ryan McInerney, Visa's Global President. "The combination of Visa's expertise in payment technology, with Samsung's global leadership in creating innovative mobile experiences, gives more options to financial institutions that want their customers to be able to pay with the next generation of mobile devices."
To make Visa purchases in stores with Samsung Pay, users will only have to select their preferred Visa account and hold the device near a payment terminal.
The new Samsung Galaxy S6 is equipped with Near Field Communication (NFC) and Magnetic Secure Transmission (MST) technology that allow the device to wirelessly transmit payment information to a contactless commerce terminal or a traditional magnetic stripe terminal.
"Samsung's vision for mobile payments and commerce is rooted in secure, simple and convenient user experiences. Our partnership with Visa embodies this vision by combining Visa's tokenized service with Samsung's unique MST (Secure Magnetic Transmission) and NFC technologies. Samsung Pay enables consumers to make simple and secure mobile payments on most merchant POS terminals," said Injong Rhee, Executive Vice President, Mobile Commerce, Samsung Electronics.
