MasterCard and Samsung have announced that they are extending their partnership in order to bring Samsung Pay to Europe. The service will be powered by MasterCard’s Digital Enablement Service (MDES) and available on “flagship” Samsung mobile devices.
“European card issuers will be able to connect to the MDES platform and activate the Samsung Pay service upon launch. Cardholders can activate their credit, debit, reloadable prepaid and small business cards from participating issuers in the Samsung Pay service and use their mobile devices to make everyday purchases. Earlier this year, MasterCard announced it would provide the tokenization services to Samsung Pay for its secure transactions, enabling a quick scaling connection to bank partners in the U.S.”
Samsung Pay will facilitate mobile payments for in-store purchases at both contactless and mag-stripe terminals, although it’s unclear how much of an advantage Samsung’s Magnetic Secure Transmission (MST) capability for mag-stripe terminals (acquired from LoopPay) will be in Europe’s EMV-dominant payments infrastructure.
Overview by Alex Johnson, Sr. Analyst, Credit Advisory Service, Mercator Advisory Group
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