Verifone and Samsung have teamed up to accelerate merchant adoption of Samsung Pay. As the most widely accepted mobile payment system in the US, Samsung Pay works almost anywhere users can swipe or tap a card.
“As we enable innovators like Samsung to create amazing experiences leveraging our
products, we want to make sure that any form of payment consumers want to use can be accepted,” comments Vin D’Agostino, executive vice president of Verifone Services. “Verifone’s partnership with Samsung allows both companies to help merchants and consumers to more quickly embrace the future of payments and commerce that stands to reinvent the in-store shopping experience.”
“Many merchants are surprised and delighted to see their existing Verifone terminals already working with Samsung Pay,” continues Will Graylin, Global Co-GM of Samsung Pay. “This partnership shows that Verifone and Samsung are committed to bringing better commerce experiences to the point of sale for merchants and consumers; and a fast path to acceptance is the first step in the journey.”
Samsung Pay uses Near-Field Communication (NFC), as well as its proprietary technology – Magnetic Secure Transmission (MST) – to deliver secure tokenized transactions for terminals that have EMV and NFC capabilities, as well as existing terminals that only accept magnetic stripe (or “swipe”) payments.