KUCHING: Samsung Electronics Co Ltd (Samsung Electronics) has partnered with major payment networks such as MasterCard and Visa to introduce a mobile payment services; Samsung Pay.
Samsung Pay allows consumers to transition to secure mobile payments at nearly all merchant locations.
With Samsung Pay, consumers can now utilise their mobile devices to pay at existing point-of-sale terminals.
According to Samsung Electronics, Samsung leverages both Near Field Communication (NFC) and a new proprietary technology called Magnetic Secure Transmission (MST) to make mobile payments more accessible to merchants and consumers.
“Samsung Pay will reinvent how people pay for goods and services and transform how they use their smartphones,” said JK Shin, chief executive officer (CEO) and head of IT & 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.”
“Mobile commerce just got a lot more interesting,” said Jim McCarthy, executive vice president, Visa Inc.
“Combining Visa’s expertise in payment technology with Samsung’s leadership in creating innovative mobile experiences, gives more choice to financial institutions who want to enable their customers to pay by phone.”
Brian Moynihan, CEO, chairman and director of Bank of America, said “We are committed to making interactions easier in the financial lives of our customers,”
He added, “Samsung Pay is another significant move in that direction for our 17 million mobile customers.”
Samsung is also working to expand the partnership ecosystem for Samsung Pay with key financial partners globally, including American Express, Bank of America, Citi, JPMorgan Chase, and US Bank, to provide greater flexibility, access, and choice for customers while enabling a simple and secure payment experience.
The Samsung Pay will initially be available in the US and Korea this coming summer.
It will expand this service to other regions, including Europe and China with the release of Samsung Galaxy S6 and Galaxy S6 Edge.