SINGAPORE, 10 June 2016 – MasterCard cardholders in Singapore will soon be able to use Samsung Pay to make payments in a quick and secure way. Singapore is the first market in Southeast Asia to roll out Samsung Pay.
Raj Dhamodharan, group head, Digital Payments and Labs, Asia Pacific, MasterCard (third from left) with Samsung and other partners launching Samsung Pay in Singapore. Credit: Samsung Electronics Singapore.
MasterCard is working with major banks, including Citibank, DBS/POSB, OCBC Bank and Standard Chartered, to enable their customers to use their MasterCard credit or debit cards with Samsung Pay.
Starting 16 June, consumers can make a payment on Samsung Pay by simply swiping up on their compatible Samsung smartphone to bring up the last transacted MasterCard credit or debit card, scan their fingerprint and make payment. Samsung Pay is now available on selected Galaxy devices including Samsung Galaxy Note 5 4G+, S6 edge+ 4G+, S7 4G+ and S7 edge 4G+.
The MasterCard Digital Enablement Service (MDES) enables MasterCard credit and debit cardholders to use Samsung Pay. The platform helps transform Samsung mobile devices into commerce devices to make contactless transactions, building a secure payment experience for users. For consumers and retailers alike, every purchase made with a MasterCard using Samsung Pay offers all the benefits and guarantees of a transaction with the physical MasterCard card.
Deborah Heng, group head and general manager, MasterCard Singapore said, “According to the MasterCard Mobile Shopping Survey 2016, digital wallets have seen the fastest uptake amongst consumers in Singapore with a four-fold increase, compared to a year before. The availability of Samsung Pay will see consumers tapping Singapore’s comprehensive contactless payment infrastructure to make purchases simply, swiftly and safely, a phenomena that is only set to grow as Singapore’s digitally savvy population become increasingly receptive to using mobile payments for all purchases.”
“Samsung Pay is gaining quick traction in countries where it is launched and we are very excited to introduce the only mobile wallet that supports both contactless and non-contactless payment in Singapore. By working with partners like MasterCard, we are making sure that Samsung customers will be able to use Samsung Pay almost anywhere cards are accepted when the service becomes available in Singapore on 16 June,” said Thomas Ko, global co-general manager of Samsung Pay at Samsung Electronics.
Utilizing three levels of security to enable secure payments – fingerprint authentication, tokenisation and Samsung KNOX, each transaction uses an encrypted digital token to replace user’s personal payment information and payments can only be authorized with approved fingerprint or PIN. To further protect consumers, malicious software and activities on a user’s device are also monitored.
Making mobile payments almost anywhere
Samsung Pay allows consumers to pay almost anywhere[1] 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, allowing users to pay with their compatible Samsung smartphone almost anywhere that allows payment by swiping or tapping a credit or debit card. This includes supermarkets and convenience stores, food and beverage outlets, departmental stores and fashion and lifestyle outlets.
MasterCard contactless payments are accepted in 77 countries and more than five million merchant locations worldwide. To find a listing of contactless-enabled merchant locations, download the MasterCard Nearby app or go to www.mastercard.com/contactless.
About MasterCard
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardAP and @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
Media Contacts
Venture Liang, MasterCard, This email address is being protected from spambots. You need JavaScript enabled to view it., +65 6390 5973, +65 8288 6190
Nina Kaur, Weber Shandwick, This email address is being protected from spambots. You need JavaScript enabled to view it. , +65 6825 8043, +65 9438 6942
Availability almost anywhere is based on compatibility of Samsung Pay on MST and/or NFC payment terminals, with some supported for use only after software upgrades. Samsung Pay is exclusive to selected Samsung Galaxy smartphones only, and available across all participating payment networks, banks, and merchants. Availability may vary, please check for updates.