Enabling Technologies

Verifone and Samsung Partner to Speed Up and Simplify Merchants’ Ability to Accept Samsung Pay

MEDICI

LAS VEGAS – ETA TRANSACT ’16 (Verifone Booth #620) – April 19, 2016 – Verifone (NYSE: PAY), a world leader in payments and commerce solutions, and Samsung Electronics Co., Ltd. have teamed up to accelerate merchant adoption of Samsung Pay. As the most widely accepted mobile payment system in the US, Samsung Pay (Samsung Pay Booth #605) works almost anywhere users can swipe or tap a card.

“As we enable innovators like Samsung to create amazing experiences leveraging our products, we want to make sure that any form of payment consumers want to use can be accepted,” said Vin D’Agostino, Executive Vice President of Verifone Services. “Verifone’s partnership with Samsung allows both companies to help merchants and consumers to more quickly embrace the future of payments and commerce that stands to reinvent the in-store shopping experience.”

“Many merchants are surprised and delighted to see their existing Verifone terminals already working with Samsung Pay,” said Will Graylin, Global Co-GM of Samsung Pay. “This partnership shows that Verifone and Samsung are committed to bringing better commerce experiences to the point of sale for merchants and consumers, and a fast path to acceptance is the first step in the journey.”

Samsung Pay uses near-field communication (NFC) as well as its proprietary technology—magnetic secure transmission (MST)—to deliver secure tokenized transactions for terminals that have EMV and NFC capabilities, as well as existing terminals that only accept magnetic stripe (or “swipe”) payments.

Samsung Pay is:

– SIMPLE: To make a payment on Samsung Pay, users can simply swipe up, scan their fingerprint and pay.

– SAFE: Samsung Pay uses tokenization, Samsung KNOX, and fingerprint authentication to provide secure payments. And, as terminals are upgraded to EMV, that security is leveraged, too.

ALMOST ANYWHERE: Samsung Pay is compatible with the majority of new and existing terminals, including most magnetic stripe, EMV and NFC devices. **That means Samsung Pay works at more places than any other mobile payment service.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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