Major Payment Providers Will Support Samsung Pay
Samsung Pay, the much-anticipate mobile wallet, is already receiving tremendous support from big names in the debit and credit card industries. The digital payment platform is set to launch some time later this year in the United States, South Korea, and Europe, though no official dates have been announced.
MasterCard, the credit card giant that allowed Samsung to expand its wallet to the European market, was among the first companies to back Samsung Pay. The company announced that MasterCard customers will be able to tie their cards to their Samsung Pay accounts starting this fall.
Samsung and Visa will be working together after the launch to protect card data through an advance tokenization system on the mobile platform. Visa debit and credit card users will be able to attach their credit cards to their Samsung Pay mobile wallets.
Some other noteworthy supporters of Samsung Pay include American Express, Bank of America and JPMorgan Chase.
Samsung Pay is set apart from other mobile wallets due to its ability to be used immediately throughout the United States. Both Apple Pay and Android Pay rely on NFC technology which is not widely distributed at this time. But Samsung Pay allows the phones to communicate with the magnetic strip reader that is currently found in most credit card terminals.
Private label card provider Synchrony Financial will also permit its users to load their cards to their Samsung Pay accounts.
“We continue to make our cards valuable to consumers, retailers and merchants and are pleased to securely offer the benefits of our private label credit cards through Samsung Pay,” Margaret Keane, President of Synchrony, said in a statement.