Samsung, the South Korean consumer electronics giant, announced Thursday (March 20) a partnership with Prepaid Financial Services (PFS) to launch Samsung Pay for its branded cards.
In a press release, Samsung said cardholders on specific programs issued and managed by PFS in the U.K. can now enable Samsung Pay. Customers can use contactless pay wherever the contactless symbol is displayed and Mastercard is accepted.
“We are delighted to announce the new partnership with PFS and to be able to offer Samsung Pay to PFS customers, helping more people to make on-the-go transactions easy and incredibly secure,” said James Bradbury, head of services at Samsung Electronics.
Samsung Pay was launched in 2017; since then, the South Korean consumer electronics company has built up the functionalities, including making it easier to operate by using Near-Field Communications (NFC) to make purchases. Customers can use Samsung Pay to make contactless payments on transactions over £30. Its fingerprint authentication and PIN/iris scan were included to make the digital wallet more secure.
On the security front, Samsung said that in addition to fingerprint, pin number or iris scan, it also uses an encrypted digital token to replace sensitive information. Samsung also has its Knox security platform built into the hardware and software of the device to ensure all mobile data is secured.
"The future of payments is increasingly digital, and PFS and Samsung are at the forefront of this fast-paced evolution," said Lee Britton, commercial director at PFS. "We are excited to reveal the expansion of an attractive mobile offering for clients. This partnership provides an increased number of payment choices through smartphones, smartwatches and the trend-setting wearables market as we revolutionize traditional payment methods together."
Samsung has been growing Samsung Pay by inking partnerships with all sorts of companies. In October, for example, it hooked up with eCommerce payments company Braintree, which is owned by PayPal. At the time, Braintree and Samsung announced that Braintree merchants in the U.S. could accept Samsung Pay.