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.
Security technology
To meet the fast and continued growth of mobile transactions, Visa is introducing technologies that will significantly reduce payment fraud in the U.S. and around the world, helping to protect Visa partners from cyber security threat.
Protecting transactions
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.
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For the Galaxy S6, S6 edge, S6 edge+ and Note5, Samsung Pay will be automatically installed through a software update. Going forward, compatible phones in supported countries will have Samsung Pay preloaded when purchased.
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Samsung Pay works nearly anywhere Visa cardholders can swipe their Visa card, including the majority of U.S. retail locations. Currently, Samsung Pay does not work at gas station pumps, but it works at most gas station cashier card readers.
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Please visit https://www.samsung.com/pay for a full list of compatible phones.
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Samsung Pay initially launched in the United States in 2015. Visa and Samsung are working to expand into additional countries.
Connecting mobile users everywhere
Our President, Ryan Mclnerney, shares interesting insights with Bloomberg at this year's Mobile World Congress.
