Samsung is launching its mobile payment system, “Samsung Pay”, in collaboration with MasterCard to compete with existing mobile payment systems from Google and Apple.
Customers holding a MasterCard with a new Samsung Galaxy S6 will be able to make in-store purchases using their mobile phones.
Users of the Samsung system will also be useable with older card terminals due to the acquisition of backwards compatible technology from American start-up LoopPay, according to MasterCard’s chief emerging payments officer, Ed McLaughlin.
The integration of the technology means that only holders of new Samsung Galaxy S6 phones will be able to use the payment system as older models are lacking the necessary hardware.
MasterCard’s McLaughlin said “This is an exciting time for payments. As consumers are increasingly relying on their mobile devices in their everyday lives, we are excited to work with an industry leader like Samsung to deliver new payment options to our cardholders around the world.”
Last year, Samsung announced a partnership with PayPal to integrate payment technology into the Samsung Galaxy S5, which at the time was the latest model, to authenticate payments in-store and online using a built-in fingerprint reader.
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.
Lloyds has launched biometric finger print authentication for mobile banking.
It's banks, not government agencies, that the British people trust to deliver biometric authentication payment services, says a new Visa study.
With less than two weeks to go until the US liability shift hits its first anniversary, MasterCard published new data evidencing the positive impact the technology is having on issuing banks, merchants and consumers, as well as saying adoption continues to grow.