Visa has revealed that Samsung has joined the Visa Digital Enablement Program (VDEP), which offers a commercial framework that makes it easier for issuers and technology companies to access the Visa Token Service.
The Visa Token Service is a new security technology that replaces sensitive payment account information found on payment cards, such as the 16-digit account number, expiration date and security code, with a unique digital identifier that can be used to process payments without exposing actual account details.
Samsung will use the Visa Token Service (VTS) to offer secure mobile payments.
The move to join VDEP is part of Samsung’s strategy to ensure the launch of its new payment service, Samsung Pay, is as smooth as possible – especially following the highly publicised initial postponement. VDEP connects financial institutions and technology companies to simplify and accelerate the roll-out of new payment and commerce services.
“As we launch Samsung Pay, we are proud to have Visa as a day one partner. Visa Digital Enablement Program allows financial institutions to easily offer Samsung Pay, a secure and easy-to-use mobile payment service that can be used to make purchases nearly anywhere cards are accepted,” said InJong Rhee, EVP of Samsung Electronics, Global Head of Samsung Pay.
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