At its Unpacked event today in New York City, Samsung announced Samsung Pay will launch in the U.S. on Sept. 28, and the mobile payment feature is already signed on to join the Visa Digital Enablement Program (VDEP).
The program enables issuers and technology companies to access the Visa Token Service (VTS), which Samsung will use to offer secure mobile payments to Visa cardholders, the company said in a statement.
“Samsung Pay is now one more way consumers can make secure payments based on tokens – technology that is quickly becoming the standard for safe mobile payments,” Jim McCarthy, Executive Vice President of Innovation and Strategic Partnerships at Visa, said in a company release. “Similar to how Samsung Pay is reaching mass merchant acceptance on Day 1, VDEP is making it easy and cost-effective for payment providers, financial institutions and technology companies like Samsung to take full advantage of token technology and bring secure mobile payments to consumers everywhere.”
Visa is using its VDEP and VTS technologies and programs to help its clients and partners manage the increasing shift from plastic to digital within the payments industry.
VDEP is designed to provide access to Visa’s secure token technology, which supports a turn-key commercial framework without pass through fees and the need for complex contractual agreements and integrations.
For each and every new token requester that wants access to Visa and its 14,000 FI members and their billions of accountholders, McCarthy told MPD CEO Karen Webster in a recent interview that VDEP provides a consistent, universal framework to leverage. FIs and other payments service providers no longer need to negotiate individual agreements with each other.
Not only will that simplify and accelerate mobile and digital commerce for players like Samsung Pay, McCarthy said, but it will benefit the hundreds of innovators that want to bind payments credentials to any device connected to the Internet – cars, wearables, appliances, clothing, you name it — to solve a problem for a consumer and a merchant.
By becoming a part of VDEP, Samsung will position itself to be able to scale its mobile payment offering and ultimately ensure Samsung Pay is available to consumers around the world, Visa confirmed.
“As we launch Samsung Pay, we are proud to have Visa as a Day 1 partner,” said InJong Rhee, EVP of Samsung Electronics, Global Head of Samsung Pay. “Visa Digital Enablement Program allows financial institutions to easily offer Samsung Pay, a secure and easy-to-use mobile payment service that can be used to make purchases nearly anywhere cards are accepted.”