Visa will be supporting consumer payments with the new Samsung Galaxy S6. Eligible consumers will be able to make secure Visa payments with Samsung Pay, Samsung’s new payment service scheduled to launch soon.
Samsung Pay is supported by Visa Token Service technology which is designed to enable secure payments with a broad range of connected devices. This new innovative technology from Visa replaces sensitive payment account information found on plastic cards, such as the 16-digit account number, expiration date and security code, with a unique series of numbers that can be used to authorize payment without exposing actual account details – helping to make mobile payments safer for everyone, everywhere.
Combining Visa’s expertise in payment technology with Samsung’s global leadership in creating innovative mobile experiences will give more choice to financial institutions who want to enable their customers to pay with the new generation of mobile devices.
To make Visa purchases in-store with Samsung Pay, users will simply select their preferred Visa account and hold the device near a payment terminal. The new Samsung Galaxy S6 is equipped with both Near Field Communication (NFC) and Magnetic Secure Transmission (MST) technology that enable the device to wirelessly transmit payment information to either a contactless or traditional magnetic stripe merchant terminal.
The partnership will realize the vision by combining Visa’s secure tokenized service with Samsung’s unique MST (Magnetic Secure Transmission) and NFC technologies.
Samsung Pay enables consumers to make simple and secure mobile payments at most merchant POS terminals.Using Samsung’s KNOX security platform and fingerprint authentication, Samsung Pay will deliver a secure payment experience to Samsung Galaxy users.