12:01 (GMT +7) - Thursday 14/12/2017

Banking & Finance

Samsung Pay available for Visa cardholders

Released at: 14:02, 12/10/2017

Samsung Pay available for Visa cardholders

Photo: Visa

Visa Token Service to deliver new and secure way to pay for any mobile payment.

by Hong Nhung

Samsung Vina and Visa, the world’s leading organization in digital payments, have announced that Samsung Pay is now available in Vietnam for Visa cardholders of Vietinbank, Citibank, and Shinhan Bank Vietnam.

According to Visa, Samsung Pay could not be coming at a better time as Vietnamese consumers are well positioned to embrace the arrival of mobile payment technology.

Visa’s Consumer Payment Attitudes Survey 2017 shows that 85 per cent of Vietnamese consumers have already made purchases using their mobile phones, driven by smartphone availability (40 per cent) and ease of use (37 per cent) compared to cash.

“We’re excited to be providing Visa cardholders with access to Samsung Pay mobile payments in Vietnam,” said Mr. Sean Preston, Visa Country Manager for Vietnam, Cambodia and Laos. “Given their strong appetite for new technology we’re confident Vietnamese consumers will embrace Samsung Pay as a faster and more convenient payment method.”

A secure and easy-to-use mobile payment service, Samsung Pay can be used to make purchases almost anywhere that credit and debit cards are accepted. By incorporating Samsung’s proprietary Magnetic Secure Transmission (MST) technology, together with Near Field Communication (NFC), Samsung Pay will be compatible with the majority of existing and new payment terminals.

“We believe that Samsung Pay will add more value to our Galaxy ecosystem and bring consumers’ mobile experience to the next level,” said Mr. Nguyen Quang Hien Huy, Vice President and Head of IM Business at Samsung Vina. “We are also excited to be partnering with Visa, one of the world’s leaders in digital payments, on this project. The partnership reinforces our commitment to maximizing Vietnamese consumers’ satisfaction with a payment service that is simple, secure, and available almost everywhere.”

Samsung Pay transactions are protected by multiple layers of security, including the Visa Token Service, a technology that replaces sensitive payment account information found on payment cards, such as the 16-digit account number and card expiration date, with a unique code that can be used to safely process payments. By using a token, it ensures actual card account details are not exposed during a mobile payment transaction.

“While speed and ease of use are the major advantages of mobile payments over cash, payment security plays an equally crucial role in ensuing consumers feel confident when they reach for their mobile phones to pay,” Mr. Preston added. “This is where our Visa Token Service adds tremendous value to the mobile payments experience, by protecting consumers’ payment data during transactions.”

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