HSBC and Hang Seng Bank have officially become Samsung Pay partners. Starting from 2 November 2017, both issuers will support Samsung Pay for their consumer credit cards.
Supporting Near Field Communication (NFC) and proprietary Magnetic Secure Transmission (MST) technologies, Samsung Pay is accepted by vendors and offers users a secure mobile payment service.
Going beyond designated Samsung smartphones, Samsung Gear S3 and Gear Sport smartwatches now also support Samsung Pay, further enhancing the convenience of mobile payments. After every Samsung Pay transaction made with their Gear smartwatch, users can view their transaction record on Samsung Pay Plugin, an associated application for Samsung Gear.
Organizations that currently support Samsung Pay include payment technology companies American Express, Mastercard and Visa, and now 8 card issuers, including American Express, Bank of China (Hong Kong), Citibank, Dah Sing Bank, DBS Bank, HSBC, Hang Seng Bank and Standard Chartered Bank.
Secure digital wallet services
Samsung Pay has passed rigid tests to ensure it is one of the most secure digital wallet solutions in the market. Each transaction uses an encrypted digital token to replace a user’s personal payment information for added security.
The digital token will be saved in the Trusted Execution Environment (TEE), where it provides industry-leading protection for users’ payment information. Samsung Knox also monitors malicious software and activities on Samsung Galaxy devices installed with Samsung Pay.
Apart from the last four numbers of credit card being used for identification, Samsung does not store any personal payment information on the device or its servers. No matter paying offline or online, Samsung Pay requires iris or fingerprint authentication, or a 4-digit Samsung Pay PIN, to ensure greater security and protection of information.
Samsung Pay is designed not to allow retailers to access users’ actual credit card information. In addition, right after each transaction, users will receive a notification confirming their purchase. It is compatible with nearly all existing and new point of sale terminals, including most magnetic stripe, EMV and NFC terminals.
Samsung’s proprietary Magnetic Secure Transmission (MST) is a method of sending data using magnetic waves. Using MST, Samsung Pay sends encrypted payment information to a terminals’ mag stripe reader, within a few centimeters, causing it to act like a receiver.
With Samsung Pay, either MST or NFC technology can be used to make secure, contactless transactions. Samsung has ensured that MST is equally as secure as NFC by creating tokenization and cryptogram for both MST and NFC transactions.