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MasterCard, Samsung introduce new payment system

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Samsung Electronics Company Limited has unveiled Samsung Pay, a mobile payment service that will enable MasterCard cardholders to use their Samsung Galaxy S6 for in-store purchases.

A statement by MasterCard on Thursday said for consumers and merchants, every purchase made on its cards using a Samsung Galaxy S6 would offer the enhanced security benefits including the latest tokenisation technology.

It said owners of the new device would be able to use their MasterCard credit and debit cards from participating banks directly through Samsung Pay.

The Chief Emerging Payments Officer, MasterCard, Ed McLaughlin, was quoted in the statement as saying, “This is an exciting time for payments. As consumers are increasingly relying on their mobile devices in their everyday lives, we are excited to work with an industry leader like Samsung to deliver new payment options to our cardholders around the world.”

He said the company had been a pioneer in mobile commerce innovation for years and together were delivering a digital payment experience that was both simple and secure.

The statement quoted the Executive Vice-President, Samsung Electronics, Dr. Injong Rhee, to have said, “From the start, Samsung’s vision for mobile payments and commerce has been centered on security, wide acceptance, and a simple user experience.”

According to Rhee, with MasterCard’s tokenisation services in conjunction with Samsung’s unique magnetic secure transmission and the NFC technologies, Samsung Pay makes secure contactless mobile payments possible at most of the NFC or traditional magnetic POS terminals.

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