Visa and Samsung Sign Global Alliance Agreement to Accelerate Mobile (NFC) Payments

  Visa and Samsung Sign Global Alliance Agreement to Accelerate Mobile (NFC)
  Payments

Financial institutions will be offered a secure service to download payment
account information to Samsung’s mobile devices.

Mobile World Congress 2013

Business Wire

FOSTER CITY, Calif. -- February 25, 2013

Visa and Samsung today announced a global alliance that combines Visa’s
expertise in payments with Samsung’s leadership in mobile device technology –
an alliance that has the potential to significantly accelerate the
availability of mobile payments globally.

According to the agreement, financial institutions that are planning to launch
mobile payment programs will be able to use the Visa Mobile Provisioning
Service^1 to securely download payment account information to NFC-enabled
Samsung devices. In addition, Samsung has agreed to load the Visa payWave
applet onto its mobile devices featuring NFC technology. Visa payWave is
Visa’s mobile payment applet that enables consumers to make “wave and pay”
contactless payments using mobile devices.

“Samsung devices enabled with Visa payment functionality will no doubt be a
powerful product offering – especially in markets where paying with a mobile
device is becoming commonplace,” said Jim McCarthy, global head of product,
Visa Inc. “However, the key to making mobile payments broadly available all
over the world is to offer financial institutions a secure way to provision
millions of smartphones with payment account information – and that is exactly
what Visa and Samsung are ready to deliver.”

“Samsung has been a pioneer in NFC devices and is again leading the way in
enabling NFC-based mobile payments. The partnership with Visa represents a
step towards a global mobile payment platform,” said Dr. Won-Pyo Hong,
President and Head of Media Solution Center, Samsung Electronics. “We believe
that we have a strong value proposition for financial institutions that will
ultimately allow consumer choice in NFC payments.”

Near Field Communication (NFC) technology is the global communication standard
that enables mobile devices to securely communicate with a payment terminal.
ABI Research forecasts that a total of 1.95 billion NFC-enabled devices will
ship in 2017^2. The Visa Samsung global alliance is a first of its kind
between a leading NFC handset manufacturer and payment network that is paving
the way for the implementation of large scale mobile payment programs. The
initial areas of engagement that the two companies have agreed to include:

  *Global Strategic Alliance
    Visa and Samsung have agreed to work together to enable the next
    generation of Samsung mobile devices with Visa payment technology, and to
    partner with financial institutions to accelerate the availability of
    mobile payment solutions globally.

  *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 banks the ability to load
    payment account information over-the-air to a secure chip embedded in
    Samsung devices, using Visa’s Mobile Provisioning Service^3 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. Off the shelf, these devices are ready to be
    personalized with Visa payment account information – a simple step that
    consumers will be able to initiate using a mobile payment application
    provided by their financial institution.

At Mobile World Congress 2013 in Barcelona, February 25-28, Visa will
demonstrate Visa 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. For more information, visit
Visa at Mobile World Congress, Hall 6, Stand 6E40.

About Visa Inc.

Visa is a global payments technology company that connects consumers,
businesses, financial institutions and governments in more than 200 countries
and territories to fast, secure and reliable electronic payments. We operate
one of the world’s most advanced processing networks—VisaNet—that is capable
of handling more than 24,000 transaction messages a second, with fraud
protection for consumers and assured payment for merchants. Visa is not a bank
and does not issue cards, extend credit or set rates and fees for
consumers.Visa’s innovations, however, enable its financial institution
customers to offer consumers more choices: pay now with debit, ahead of time
with prepaid or later with credit products. For more information, visit
corporate.visa.com.

About Visa Europe

Visa Europe is a payments technology business owned and operated by member
banks and other payment service providers from 36 countries across Europe.
Visa Europe works at the forefront of technology to create the services and
infrastructure which enable millions of European consumers, businesses and
governments to make electronic payments. Its members are responsible for
issuing cards, signing up retailers and deciding cardholder and retailer fees.
As a dedicated European payment system Visa Europe is able to respond quickly
to the specific market needs of European banks and their customers -
cardholders and retailers - and to meet the European Commission’s objective to
create a true internal market for payments. For more information, please visit
www.visaeurope.com

About Samsung Electronics Co., Ltd.

Samsung Electronics Co., Ltd. is a global leader in technology, opening new
possibilities for people everywhere. Through relentless innovation and
discovery, we are transforming the worlds oftelevisions, smartphones,
personal computers, printers, cameras, home appliances, LTE systems, medical
devices, semiconductors and LED solutions. We employ 236,000 people across 79
countries with annual sales exceeding KRW 201 trillion. To discover more,
please visit www.samsung.com.

^1 Visa’s Mobile Provisioning Services are not available in all territories

^2 Source: ABI Research, November 21, 2012
http://www.abiresearch.com/press/nfc-will-come-out-of-the-trial-phase-in-2013-as-28

^3 Visa’s Mobile Provisioning Services are not available in all territories

Contact:

Press Only:
Visa Inc.
Elvira Swanson, +1 650-504-4537
globalmedia@visa.com
or
Visa Europe
Eleanor Orebi Gann, +44 (0)20 7795 5336
europeanmedia@visa.com
 
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