MasterCard and Samsung Electronics Co., Ltd announced they are extending their global partnership leveraging the MasterCard Digital Enablement Service (MDES) to deliver Samsung Pay in Europe. Samsung Pay is a mobile payment service that will enable consumers to use their Samsung flagship mobile devices to make every day in-store purchases at contactless and magnetic stripe terminals leveraging NFC and MST technologies.
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 is scheduled to launch in the U.S. and South Korea later this summer and Samsung is currently working with banks and partners to bring the payment service to Europe.
Source : MasterCard