News

MasterCard To Support Samsung Pay In Europe

MasterCard is partnering with Samsung to extend its digital enablement service for powering Samsung Pay, which is set to be launched in a few months in Europe.

Upon the launch of the service, European card issuers would be able to connect to the MasterCard Digital Enablement Service (MDES) to enable Samsung Pay, which would let consumers pay at contactless or mag stripe POS terminals using its in-built NFC and magnetic secure transmission (MST) technologies, according to a press release.

Just like Apple Pay, cardholders using Samsung Pay can activate and use their credit, debit, reloadable prepaid and small business cards from participating issuers to make payments.

“Europeans have been leading the way in the adoption of new ways to shop, buy and make a payment. Through our strong partnership with Samsung, we look forward to continuing to drive innovation in mobile commerce by creating simple and secure digital payment experiences for consumers,” said Javier Perez, president of MasterCard Europe.

For an added layer of security, MDES would be enabling tokenization services for all credit, debit, co-brand, prepaid and small business cards registered in a user’s Samsung Pay account.

While Samsung Pay is gearing up to tap the European market, it is also working with banks and partners for launching itself in the U.S and South Korea later this summer.

“Samsung Pay will reinvent how people pay for goods and services and transform how they use their smartphones,” said JK Shin, CEO and head of IT and mobile communications division at Samsung Electronics. “The secure and simple payment process, coupled with our robust partner network, makes Samsung Pay a truly game-changing service that will bring value to consumers and our partners in the ecosystem.”

To check out what else is HOT in the world of payments, click here.

——————————

LIVE PYMNTS TV OCTOBER SERIES: POWERING THE DIGITAL SHIFT – B2B PAYMENTS 2021 

Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

Click to comment

TRENDING RIGHT NOW