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.”