Consumers and small businesses with US Bank Visa credit and debit cards may now load their cards onto eligible Samsung mobile devices and pay using Samsung Pay. US Bank’s co-brand and affinity partners may do the same. Point of sale devices provided to US Bank and Elavon merchant customers are also enabled to accept participating credit and debit card Samsung Pay payments.
Samsung Pay, which uses proprietary technology called Magnetic Secure Transmission (MST) along with Near Field Communication (NFC), is compatible with most existing payment terminals where the customer can tap or swipe the card and has been launched in the US on September 28. Samsung Pay is now available on the Galaxy S6 edge+, Galaxy Note5, Galaxy 6 edge and Galaxy S6 smartphones. Consumers simply launch the Samsung Pay app and scan their fingerprint to authorize the payment.
US Bancorp, with USD 419 billion in assets as of June 30, 2015, is the parent company of US Bank National Association, the fifth largest commercial bank in the US. The company operates 3,164 banking offices in 25 states and 5,020 ATMs and provides a range of services including a line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.
Elavon is wholly owned by US Bancorp and provides payment processing solutions and services to more than 1.3 million customers in the US, Europe, Canada, Mexico, Brazil and Puerto Rico. In recent news, the company has started offering Safe-T security solutions for SMBs.
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