Visa and Samsung have announced their alliance that pairs Visa's payment technology with Samsung's mobile devices to accelerate the adoption of NFC payments globally. With this agreement, financial institutions such as banks will be able to launch mobile payment initiatives using the Visa Mobile Provisioning Service to securely download payment account information to Samsung devices with NFC functions.
The secure download of payment account information is made possible with the Visa payWave applet that Samsung has agreed to load onto its NFC-enabled devices. The initial areas of engagement that the two companies have agreed to include:
Samsung to Connect to Visa’s Mobile Provisioning Service
In order to enable financial institutions to launch large scale mobile (NFC) payment programs, Samsung will offer financial institutions the ability to load payment account information over-the-air to a secure chip embedded in Samsung devices, using Visa’s Mobile Provisioning Service3 which is linked to Samsung KMS (Key Management System) – a service that creates secure data storage domains for issuers.
Samsung Awarded Global Visa payWave License
The Visa payWave mobile applet will be preloaded onto selected next-generation Samsung mobile devices featuring NFC technology and an embedded secure element. These devices are ready to be personalized with Visa payment account information right out-of-the-box.
On the local front, the adoption of mobile payment was off to a slow start and only became live in August of last year. This was possible through a S$40 million investment spearheaded by IDA and seven other companies that will see a nationwide deployment of an interoperable NFC mobile payment system.
Visa will be demonstrating its payWave for mobile and its Mobile Provisioning Service that can be used by financial institutions to securely load payment account information to NFC-enabled Samsung mobile devices at the Mobile World Congress 2013. For more information, please read their full press release here.