MasterCard (NYSE:MA) today announced it will enable Commonwealth Bank of Australia MasterCard cardholders to securely load and store payment account credentials on select flagship NFC-enabled Samsung devices, enabling fast and secure contactless payments.
Commonwealth Bank of Australia is the first bank globally to collaborate with MasterCard and Samsung to offer this service to its customers, using Mobile MasterCard® PayPass™ within its CommBank app on the embedded secure element of the Samsung Galaxy S4.
Commonwealth Bank customers can now easily add contactless payment functionality to their Samsung Galaxy S4, allowing for contactless payments at the more than 1.6 million MasterCard PayPass contactless merchant locations around the globe. This includes major retailers, convenience stores, grocery stores, pharmacies and taxis – quick payment environments where speed and convenience matter most.
MasterCard and Samsung, in partnership with financial institutions and mobile network operators worldwide, plan to complete similar service rollouts over the next year, including launches in Turkey, Russia and the Ukraine in the first quarter of 2014.Access to the secure element allows Samsung and other OEMs, mobile network operators and financial institutions to partner with MasterCard to deliver next-generation payment solutions to consumers. This includes MasterCard contactless technology and MasterPass™, the digital platform from MasterCard that enables partners to offer consumers enhanced payment and shopping experiences that are as simple as a click, tap or touch – online, in-store or anywhere. “With today’s news, we are ensuring that MasterCard cardholders can ‘light up’ Samsung devices for payments as they become available in the market,” said Mung Ki Woo, Group Executive, Mobile & Industry Alliances, MasterCard. “Our focus is on helping consumers shop and pay in a way that best fits their needs, across all of their devices. By working closely with Samsung – the global leader in mobile device manufacturing – and other device and chip manufacturers, mobile network operators and merchants, MasterCard is maintaining a leadership role in defining the future of payments.”