Samsung And CBA’s New Digital Wallet Solution

By Women Love Tech
on 26 February 2018

Samsung Electronics Australia and Commonwealth Bank now offer a contactless payment platform called Samsung Pay for CBA’s Mastercard credit and debit cardholders.

This makes mobile wallets an everyday reality for millions of Australians.

CBA’s Mastercard customers will now have access to Samsung Pay, allowing them to load their credit and debit cards and make payments via compatible Samsung smartphone devices and wearables.

“Samsung Pay not only provides users with a simple and secure way to pay, but it also allows users to load their loyalty cards to capture reward points at the point of sale, which lessens their reliance on a physical wallet,“ said Garry McGregor, Director of IT and Mobile, Samsung Electronics Australia.

“We’re thrilled to partner with Commonwealth Bank on Samsung Pay as this strengthens our shared commitment, that’s existed since 2013 with CBA’s Tap & Pay on the Galaxy S4, to develop easy-to-use, secure and ‘smart’ mobile wallet options for Australians,” McGregor concluded.

Michael Baumann, General Manager Everyday Banking & Payments, Commonwealth Bank said the partnership with Samsung Pay gives customers more ways than ever to pay

“With more than $6 billion of transactions across the CommBank app each week we know that our customers love using their phones to make payments. Since 2013 our customers have been able to use their smartphones to make payments. By offering customers the ability to pay with Samsung Pay we are combining choice and convenience.”

As Australians become increasingly concerned about data safety, Samsung Pay offers a range of high-level security features to its users. The app creates a tokenised card number for the user, which means no sensitive payment card information is stored on the device, and also requires PIN, Iris or fingerprint authentication before making payment.

Users also receive remote access to the Find My Mobile3 website to easily lock their mobile phone device and prevent access to Samsung Pay if their device is misplaced.

Additionally, the Samsung Pay app is housed on Samsung’s security platform Knox.

This announcement builds on the existing partnership with Commonwealth Bank, with both companies working towards enabling Australian small businesses to securely accept payments of less than $100 by simply tapping their phones with a contactless card or mobile wallet.

To date, Samsung has partnered with over hundreds of banks worldwide, processing over millions of transactions via the Samsung Pay payments platform.

Related News

More WLT News