Partnerships / Acquisitions

Samsung Pay And Mastercard Announce Partnership At Money20/20

Mastercard new logo

Samsung Pay debuted just a year ago, and now, the company announced plans to expand the platform and capabilities even further.

At Money20/20, Samsung Electronics announced Samsung Pay is launching in three additional countries — Malaysia, Russia and Thailand — which will bring the service to a total of 10 countries by the end of the year. The South Korea-based tech giant also announced a partnership with Mastercard to streamline the payment and checkout experience through Masterpass, which is accepted in 33 countries.

Samsung reps said that, over the past year, online payments accounted for more than a quarter of the 2 trillion processed transactions. They said this number demonstrates that consumers are looking to make their online experiences faster, simpler and secure.

“By partnering with Masterpass in the U.S. and rolling out online payments globally, we will simplify the online transaction experience by eliminating the need for customers to fill out tedious online checkout forms, remember long passwords or fumble for their wallets,” said Thomas Ko, VP and global GM of Samsung Pay and mobile communications business at Samsung Electronics.

Both companies said the partnership will provide benefits, such as express checkout, purchasing from any device, secure transactions, new in-app payment for certain retailers and special deals for local consumers.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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