Samsung Pay enables retailer gift cards
RIDGEFIELD PARK, N.J. (10/30/15)-- Samsung announced that its mobile payments service, Samsung Pay, is enabling retailer gift cards and adding more financial institutions.
Samsung Pay, launched in September, uses magnetic secure transmission (MST) in combination with near-field communication. MST is a patented technology that transmits tokenized card data to the magnetic card readers of EMV terminals and magnetic stripe point-of-sale terminals.
By partnering with Blackhawk Network, Samsung Pay will be able to include retailer gift cards in the mobile wallet.
Four credit unions are among the financial institutions that will expand the Samsung Pay environment in coming months. Discover will be added to Samsung Pay next year, joining current payments system providers American Express, MasterCard and Visa.