Samsung Electronics has unveiled Samsung Pay, a mobile payment service that will enable MasterCard cardholders to use their Samsung Galaxy S6 for everyday in-store purchases.
Owners of the new device will be able to use their MasterCard credit and debit cards from participating banks directly through Samsung Pay.
It will work at both contactless-enabled and most traditional point of sale terminals. Purchases will use the features of a digital MasterCard transaction, including tokenization technology.
“This is an exciting time for payments,” said Ed McLaughlin, chief emerging payments officer, MasterCard. “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.
Injong Rhee, Executive Vice President at Samsung Electronics, added that Samsung’s KNOX security platform and fingerprint authentication make Samsung Pay transactions secure and easy to use.
Samsung Pay will first be made available for US consumers this summer. MasterCard will be working with Samsung to roll out Samsung Pay to additional global markets, including Korea.