Samsung Pay delivers a mobile payment experience that will work at both contactless-enabled and most traditional point-of-sale terminals. For consumers and merchants alike, that means that every purchase made with a MasterCard using a Samsung Galaxy S6 will provide the security of a digital MasterCard transaction including the tokenization technology. Owners of the new device will be able to use their MasterCard credit and debit cards from participating banks directly through Samsung Pay.
The MasterCard Digital Enablement Service (MDES) enables MasterCard consumer credit and debit cardholders to use Samsung Pay. Samsung Pay transactions also incorporate other security features including tokenization via MDES and fingerprint or passcode payment authorization.
Samsung Pay will first be made available for US consumers in the summer of 2015. MasterCard will be working with Samsung to roll out Samsung Pay to additional global markets including Korea.
In recent news, MasterCard has revealed that is currently conducting more than 25 host card emulation (HCE) projects in 15 countries, with multiple issuers now moving close to commercial deployments.
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