M-payment: Samsung Pay is launched in Brazil

 

Samsung Electronics launched Samsung Pay in Brazil with leading financial partners. The country became the first market in South America to offer the company's mobile payment service. The system can be used to make purchases almost anywhere that accepts debit or credit cards. It allows users to make payments at point-of-sale terminals using MST (Secure Magnetic Transmission) and NFC (Proximity Field Communication) technologies with eligible Samsung smartphones.
 
To make a payment with Samsung Pay, consumers simply select the card on a compatible Samsung smartphone, place their fingerprint and complete the transaction. It uses three levels of security to ensure secure payments – biometric authentication, token generation and Samsung KNOX. 
 
Brazil joins South Korea, the United States, China, Spain, Singapore, Australia and Puerto Rico in the list of priority markets for the launch of the mobile payments service.
 
According to the Febraban Banking Technology Survey, the growth in mobile banking use in 2015 was 138% compared to 2014. This means that Brazilians carried out 11.2 billion banking transactions via cell phone, while in 2014 there were 4.7 billion .
                 
Broad partnership ecosystem
 
Samsung Pay is strategically expanding its partnership ecosystem to provide customers with more flexibility, access and choice. The service has partnered with major payment networks such as MasterCard and Visa to bring mobile payment to users. Samsung Pay was launched with major card issuers, including Banco do Brasil, Brasil Pré-Pagos, Caixa, Porto Seguro and Santander. In addition to these, the company is working with other partner banks, such as Banrisul, Bradesco, Itaú-Unibanco, Nubank to make the service available to more Brazilian consumers.
 
The list of partners that will offer the service is available on the website http://www.samsung.com.br/samsungpay.