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Samsung reaching out to Financial Institutions for Samsung Pay Success


Samsung Pay a truly game-changing service, says JK Shin
 
Samsung Galaxy S6. Photo credit: GSM Arena


Samsung Electronics is expanding the reach of Samsung Pay to partnering with more major Payment players. Already global heavyweights in payments services like MasterCard and Visa are on the Samsung train for its new mobile payment service Samsung Pay to be effective at merchant locations.

Samsung is also working to expand the partnership ecosystem for Samsung Pay with key financial partners globally. Talks are already ongoing American Express, Bank of America, Citi, JPMorgan Chase, and US Bank, to provide greater flexibility, access, and choice for customers while enabling a simple and secure payment experience.
Samsung Galaxy S6 Edge. Credit: PC PRO
Just like Apple Pay, Samsung Pay, consumers can now utilize their mobile devices to pay at existing point-of-sale terminals.
The Samsung Pay will initially be available in the US and Korea this coming summer.

With its new payment device, Samsung is leveraging both Near Field Communication (NFC) and a new proprietary technology called Magnetic Secure Transmission (MST) to make mobile payments more accessible to merchants and consumers.

Chief Executive Officer (CEO) and head of IT & Mobile Communications Division, Samsung Electronics, JK Shin, believes its new product is a game-changing targeted at bringing value to consumers and those that it will be working with.


“Samsung Pay will reinvent how people pay for goods and services and transform how they use their Smartphones.



“The secure and simple payment process, coupled with our robust partner network, makes Samsung Pay a truly game-changing service that will bring value to consumers and our partners in the ecosystem,” JK Shin said.


Samsung Pay gives more choice to financial institutions-Visa Inc.

A powerful payment player, Visa Inc. said, “Mobile commerce just got a lot more interesting.
“Combining Visa’s expertise in payment technology with Samsung’s leadership in creating innovative mobile experiences, gives more choice to financial institutions who want to enable their customers to pay by phone,” said executive vice president, Visa Inc Jim McCarthy.

Samsung Galaxy S6 Edge. Credit: PC PRO
Brian Moynihan, CEO, chairman and director of Bank of America, said, “We are committed to making interactions easier in the financial lives of our customers.

“Samsung Pay is another significant move in that direction for our 17 million mobile customers.”

Samsung will expand this service to other regions, including Europe and China with the release of Samsung Galaxy S6 and Galaxy S6 Edge.



This post first appeared on Mobile Banking Watch (MBW), please read the originial post: here

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Samsung reaching out to Financial Institutions for Samsung Pay Success

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