Samsung And MasterCard Team Up For Samsung Pay In Europe

Right now though, Samsung Pay hasn’t been officially launched in Europe, but when it does, users can be ready to activate the service and connect it with their credit, debit, reloadable prepaid and small business cards.

Samsung and its payments partner MasterCard are in talks with European banks to bring Samsung Pay to Europe, TechCrunch reports.

Samsung is teasing out Samsung Pay in South Korea at the moment and now we have some details on Samsung’s plans for the service in Europe. The firm says it is now in discussiion with banks and merchants across the continent to bring the payment service to Europe soon after. That deployment is now a step closer: Samsung and MasterCard announced on Thursday that they are collaborating on a European launch.

Within two months of going live in the US, analysts estimated that Apple Pay was already responsible for 1 per cent of transactions even though not all merchants or retail chains had the equipment installed that would allow them to accept the technology as a payment. “Both organizations are committed to ground breaking fin-tech innovations that will deliver on the promise of a true mobile wallet“.

Since the announcement of MDES in 2013, millions of MasterCard accounts have been tokenized for use in popular digital wallet services. LoopPay uses a tiny metal coil to generate a magnetic current to the credit card reader, unlike NFC, which requires to you tap a device against a specific compatible sensor. Private label tokenization, announced in June, will begin in the third quarter of this year.

MasterCard (NYSE:MA), www.mastercard.com, is a technology company in the global payments industry. The company didn’t specify when we might see it in stores. Follow us on Twitter @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau. It is also planning to launch the system in China in future.