Now more than ever, consumers are using their mobile devices to send and receive payments, with a projected £700+ billion in yearly global transactions by 2017. As mobile payment continues to increase rapidly in the U.S. and worldwide, Visa is helping redefine the consumer experience with new and secure digital payment technologies.
Samsung Pay has best-in-class security
The next wave of digital payments, supported by the security of Visa.
To meet the fast and continued growth of mobile transactions, Visa is introducing technologies that will significantly reduce payment fraud in the US and around the world, helping to protect Visa partners from cyber security threat.
Visa Token Service helps protect every Samsung Pay transaction by replacing sensitive payment information with a unique digital identifier or “token.” This encrypted token keeps actual card details private and has no value if compromised.
For the Galaxy S6, S6 edge, S6 edge+ and Note5, Samsung Pay will be automatically installed through a software update. Going forwards, compatible phones in supported countries will have Samsung Pay preloaded when purchased.
Samsung Pay works nearly anywhere Visa cardholders can swipe their Visa card, including the majority of US retail locations. Currently, Samsung Pay does not work at petrol station pumps, but it works at most petrol station cashier card readers.
Samsung Pay works on the Galaxy S6, S6 edge, S6 edge+ and Note5, and will soon be available on select new devices. Please visit http://www. samsung.com/pay for a full list of compatible phones.
Samsung Pay initially launched in the United States in 2015. Visa and Samsung are working to expand into additional countries.
No, Samsung Pay does not store the cardholder’s personal/payment information on a Samsung server or on phone. Samsung Pay does not change the way payment information is stored or handled when a cardholder makes purchases. Their payment information will continue to be managed by the bank or financial institution. Only a transaction-specific token, which is used to replace the cardholder’s payment card number, is stored temporarily on their phone. It’s stored only as long as it takes to confirm a transaction.