Credit and debit card holders.
Samsung Electronics Australia has partnered with Commonwealth Bank to offer its contactless payment platform, Samsung Pay, to CBA’s Mastercard credit and debit card holders.
This enables CBA’s Mastercard customers to load their credit and debit cards and make payments via compatible Samsung smartphone devices and wearables.
Samsung Electronics Australia director of IT and mobile, Garry McGregor said, “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.
“We are 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.”
Commonwealth Bank general manager for everyday banking and payments, Michael Baumann 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.”
The Samsung Pay 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.
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.