Financial institutions will be offered a secure service to download
payment account information to Samsung’s mobile devices.
FOSTER CITY, Calif.--(BUSINESS WIRE)--Feb. 25, 2013--
Visa and Samsung today announced a global alliance that combines Visa’s
expertise in payments with Samsung’s leadership in mobile device
technology – an alliance that has the potential to significantly
accelerate the availability of mobile payments globally.
According to the agreement, financial institutions that are planning to
launch mobile payment programs will be able to use the Visa Mobile
Provisioning Service1 to securely download payment account
information to NFC-enabled Samsung devices. In addition, Samsung has
agreed to load the Visa payWave applet onto its mobile devices featuring
NFC technology. Visa payWave is Visa’s mobile payment applet that
enables consumers to make “wave and pay” contactless payments using
mobile devices.
“Samsung devices enabled with Visa payment functionality will no doubt
be a powerful product offering – especially in markets where paying with
a mobile device is becoming commonplace,” said
Jim McCarthy
, global head
of product, Visa Inc. “However, the key to making mobile payments
broadly available all over the world is to offer financial institutions
a secure way to provision millions of smartphones with payment account
information – and that is exactly what Visa and Samsung are ready to
deliver.”
“Samsung has been a pioneer in NFC devices and is again leading the way
in enabling NFC-based mobile payments. The partnership with Visa
represents a step towards a global mobile payment platform,” said Dr.
Won-
Pyo Hong
, President and Head of Media Solution Center, Samsung
Electronics. “We believe that we have a strong value proposition for
financial institutions that will ultimately allow consumer choice in NFC
payments.”
Near Field Communication (NFC) technology is the global communication
standard that enables mobile devices to securely communicate with a
payment terminal. ABI Research forecasts that a total of 1.95 billion
NFC-enabled devices will ship in 20172. The Visa Samsung
global alliance is a first of its kind between a leading NFC handset
manufacturer and payment network that is paving the way for the
implementation of large scale mobile payment programs. The initial areas
of engagement that the two companies have agreed to include:
-
Global Strategic Alliance
Visa and Samsung have agreed to
work together to enable the next generation of Samsung mobile devices
with Visa payment technology, and to partner with financial
institutions to accelerate the availability of mobile payment
solutions globally.
-
Samsung to Connect to Visa’s Mobile Provisioning Service
In
order to enable financial institutions to launch large scale mobile
(NFC) payment programs, Samsung will offer banks the ability to load
payment account information over-the-air to a secure chip embedded in
Samsung devices, using Visa’s Mobile Provisioning Service3
which is linked to Samsung KMS (Key Management System) – a service
that creates secure data storage domains for issuers.
-
Samsung Awarded Global Visa payWave License
The Visa
payWave mobile applet will be preloaded onto selected next-generation
Samsung mobile devices featuring NFC technology and an embedded secure
element. Off the shelf, these devices are ready to be personalized
with Visa payment account information – a simple step that consumers
will be able to initiate using a mobile payment application provided
by their financial institution.
At Mobile World Congress 2013 in Barcelona, February 25-28, Visa will
demonstrate Visa payWave for mobile and its Mobile Provisioning Service
that can be used by financial institutions to securely load payment
account information to NFC-enabled Samsung mobile devices. For more
information, visit Visa at Mobile World Congress, Hall 6, Stand 6E40.
About Visa Inc.
Visa is a global payments technology company that connects consumers,
businesses, financial institutions and governments in more than 200
countries and territories to fast, secure and reliable electronic
payments. We operate one of the world’s most advanced processing
networks—VisaNet—that is capable of handling more than 24,000
transaction messages a second, with fraud protection for consumers and
assured payment for merchants. Visa is not a bank and does not issue
cards, extend credit or set rates and fees for consumers. Visa’s
innovations, however, enable its financial institution customers to
offer consumers more choices: pay now with debit, ahead of time with
prepaid or later with credit products. For more information, visit corporate.visa.com.
About Visa Europe
Visa Europe is a payments technology business owned and operated by
member banks and other payment service providers from 36 countries
across Europe. Visa Europe works at the forefront of technology to
create the services and infrastructure which enable millions of European
consumers, businesses and governments to make electronic payments. Its
members are responsible for issuing cards, signing up retailers and
deciding cardholder and retailer fees. As a dedicated European payment
system Visa Europe is able to respond quickly to the specific market
needs of European banks and their customers - cardholders and retailers
- and to meet the European Commission’s objective to create a true
internal market for payments. For more information, please visit www.visaeurope.com
About Samsung Electronics Co., Ltd.
Samsung Electronics Co., Ltd. is a global leader in technology, opening
new possibilities for people everywhere. Through relentless innovation
and discovery, we are transforming the worlds of televisions,
smartphones, personal computers, printers, cameras, home appliances, LTE
systems, medical devices, semiconductors and LED solutions. We employ
236,000 people across 79 countries with annual sales exceeding KRW 201
trillion. To discover more, please visit www.samsung.com.
1 Visa’s Mobile Provisioning Services are not available in
all territories
2 Source: ABI Research, November 21, 2012 http://www.abiresearch.com/press/nfc-will-come-out-of-the-trial-phase-in-2013-as-28
3 Visa’s Mobile Provisioning Services are not available in
all territories
Source: Visa Inc.
Press Only:
Visa Inc.
Elvira Swanson, +1 650-504-4537
[email protected]
or
Visa
Europe
Eleanor Orebi Gann, +44 (0)20 7795 5336
[email protected]