Samsung Electronics Co. Ltd., announced that Brazil will roll out Samsung Pay on July 19, with major financial partners, making it the first market in South America to introduce the company’s mobile payment service.
Secure and easy to use, Samsung Pay can be used to make purchases almost anywhere1 that debit cards or credit cards are accepted. Samsung Pay allows users to pay with their compatible Samsung smartphones at point of sale terminals, thanks to both MST (Magnetic Secure Transmission) and NFC technologies.
Brazil joins South Korea, the United States, China, Spain, Singapore, Australia and Puerto Rico in the list of priority markets to launch the mobile payment service.
According to research conducted by FEBRABAN (the Federation of Brazilian Banks), mobile banking usage is on the rise in Brazil. In fact, it increased by 138 percent in 2015 with more than 11 billion bank transactions through smartphones, compared to 4.7 billion transactions in 2014.
„Samsung Pay reinforces the company’s focus to bring value to both consumers and partners by bringing innovative services to your smartphones,” said Thomas Ko, Vice President and Global Co-General Manager of Samsung Pay at Samsung Electronics. “We are always exploring creative technologies and use cases to provide consumers with an immersive and holistic mobile wallet experience.”
“We are extremely excited that Samsung Pay is now available in Brazil. As the first market in South America to roll out our mobile payment service, Brazil will pave the way for the region’s adoption of Samsung Pay,” said André Varga, Product Director of Samsung’s Mobile Devices Division in Brazil.
Samsung Pay has partnered with major payment networks such as MasterCard and Visa to bring mobile payments to consumers. „The service will launch with major issuers including Banco do Brasil, Brasil Pré-Pagos, Caixa, Porto Seguro, and Santander. Additionally, we are working with other bank partners including Banrisul, Bradesco, Nubank and Itaú-Unibanco, to make the service available to more consumers in Brazil.”, according to the press release.
To make a payment on Samsung Pay, consumers simply need to swipe up on their compatible Samsung smartphone, scan their fingerprint and make a payment. Samsung Pay uses three levels of security to enable secure payments – fingerprint authentication, tokenization and Samsung KNOX.
Samsung Pay will be compatible with a majority of existing and new payment terminals, allowing users to pay with their compatible Samsung smartphone anywhere that allows payment by swiping or tapping a card with MST and NFC.
Samsung Pay will be available on the Galaxy S7, Galaxy S7 edge, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy Note5, Galaxy S6 edge+, Galaxy S6² and Galaxy S6 edge2 beginning on July 19 in Brazil.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
