Visa and Samsung reach agreement on security solution for mobile banking
Visa has announced that Samsung has now joined its Visa Digital Enablement Program (VDEP), which will provide Samsung Pay with a commercial framework that makes it simpler for issuers and technology companies to use Visa Token Service (VTS). By joining VDEP, Samsung can use the VTS to a provide safe and simple mobile payment service and will be able to assure financial institutions can offer Samsung Pay in a convenient, flexible, and secure manner.
Visa Inc. said that Samsung has joined the Visa Digital Enablement Program (VDEP) under a plan to offer secure mobile payments.

The VDEP offers a commercial framework that makes it easier for issuers and technology companies to access the Visa Token Service, the tech companies said.

Under the plan, Samsung will use the Visa Token Service (VTS) to offer secure mobile payments. By joining this programme, Samsung will be able to ensure financial institutions can offer Samsung Pay, which will ultimately help accelerate the availability of Samsung Pay for consumers around the world, the company said.

[blockquote right=”pull-right” cite=”Jim McCarthy, Executive Vice President of Innovation and Strategic Partnerships at Visa.”]“Samsung Pay is now one more way consumers can make secure payments based on tokens –technology that is quickly becoming the standard for safe mobile payments.” [/blockquote]

Mobile phones

“Samsung Pay is now one more way consumers can make secure payments based on tokens –technology that is quickly becoming the standard for safe mobile payments,” Jim McCarthy, Executive Vice President of Innovation and Strategic Partnerships at Visa said.

According to the Visa exec, “Similar to how Samsung Pay is reaching mass merchant acceptance on day one, VDEP is making it easy and cost-effective for payment providers, financial institutions and technology companies like Samsung to take full advantage of token technology and bring secure mobile payments to consumers everywhere.”

As the payments industry increasingly shifts from plastic to digital, Visa says it is helping its clients and partners offer consumers a safe, simple and consistent purchasing experience, regardless of where they are and what device they are using.

“As we launch Samsung Pay, we are proud to have Visa as a day one partner,” InJong Rhee, EVP of Samsung Electronics, Global Head of Samsung Pay adds. “Visa Digital Enablement Program allows financial institutions to easily offer Samsung Pay, a secure and easy-to-use mobile payment service that can be used to make purchases nearly anywhere cards are accepted.”