August 2, 2015
Mobile payment innovation has increased consumer access to mobile wallet options. With Apple Pay, Google Wallet, and now Samsung Pay making its way to Europe, some merchants are playing catch up when it comes Keeping Up With The Card Ditchings. Samsung Pay uses MasterCard Digital Enablement Service (MDES) to enable payments through NFC and also supports magnetic strip technology, so merchants who have yet to update their existing hardware, can still welcome the patronage of these tech savvy customers.
Samsung Pay started their initial trial in South Korea and with the announced launch in Europe, Samsung appears to be building on that momentum to bring Samsung Pay to even more regions with Samsung Galaxy S6 and Galaxy S6 Edge.
In an official press release by MasterCard MasterCard Extends Partnership with Samsung to Deliver Samsung Pay in Europe, the company expressed their enthusiasm for the collaboration:
Samsung Pay is pleased to join forces with MasterCard to offer a simple and safe mobile payment experience enabled for wider merchant acceptance to MasterCard cardholders and issuers in Europe, said Injong Rhee, EVP of Samsung Electronics, Global Head of Samsung Pay. Both organizations are committed to ground breaking fin-tech innovations that will deliver on the promise of a true mobile wallet.
With the continued global growth and reliance on connected mobile devices, we are delighted to expand our relationship with Samsung by extending the reach of Samsung Pay and MDES to cardholders in Europe. Europeans have been leading the way in the adoption of new ways to shop, buy and make a payment. Through our strong partnership with Samsung we look forward to continuing to drive innovation in mobile commerce by creating simple and secure digital payment experiences for consumers, said Javier Perez, President of MasterCard Europe.
Samsung Pay is scheduled to launch in the U.S. and South Korea later this summer and Samsung is currently working with banks and partners to bring the payment service to Europe.
MasterCard is a technology company in the global payments industry. They operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.
About Samsung Electronics Co., Ltd.
Samsung Electronics Co., Ltd. inspires the world and shapes the future with transformative ideas and technologies, redefining the worlds of TVs, smartphones, wearable devices, tablets, cameras, digital appliances, printers, medical equipment, network systems, and semiconductor and LED solutions. They are also leading in the Internet of Things space through, among others, our Smart Home and Digital Health initiatives. They employ 307,000 people across 84 countries with annual sales of US $196 billion.