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Synchrony Financial Enables Samsung Pay
Credit supplier Synchrony Financial (NYSE:SYF) will provide its private label cardholders access to Samsung Pay, set to be introduced next month.
Leveraging both Magnetic Secure Transmission and Near Field Communication technologies, Samsung Pay is compatible with most existing payment terminals and allows Synchrony Financial’s partners and customers to use the benefits that its retail cards offer along with secure, convenient mobile payment functionality. All of Synchrony Bank’s Payment Solutions and CareCredit cards are capable of being provisioned for Samsung Pay when it launches next month.
“We continue to make our cards valuable to consumers, retailers and merchants and are pleased to securely offer the benefits of our private label credit cards through Samsung Pay,” said Margaret Keane, president and CEO of Synchrony Financial. “Through our ongoing innovation and strategic partnerships, we have developed a mobile platform that we can rapidly integrate with providers’ wallets while preserving the value of Synchrony Bank’s private label credit cards and patented Dual Cards for whichever mobile wallet our partners and customers choose.”
The Samsung Pay app is locked by fingerprint or PIN making it more secure than a traditional wallet. All Synchrony Bank private label credit card accounts in Samsung Pay will be device-specific and domain-restricted tokens, meaning they will only work in the merchant’s store, providing additional security.