Visa and Samsung today announced a global alliance that combines Visa’s expertise in payments with Samsung’s mobile device technology. The companies intention is to significantly accelerate the availability of mobile payments globally.
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 Service which is linked to Samsung KMS (Key Management System) – a service that creates secure data storage domains for issuers.
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.
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.