RIVERWOODS, Ill.--(BUSINESS WIRE)--Today Discover announced plans to allow Discover cardmembers in the U.S. to use Samsung Pay, a simple way to make payments through Samsung brand mobile phones.
Samsung Pay combines Magnetic Secure Transmission (MST) technology with Near Field Communication (NFC), making it compatible with nearly all existing payment terminals and allowing Discover’s cardmembers to quickly and easily make payments through their Samsung phones at millions of merchant locations.
Samsung Pay will be available on the Samsung Galaxy S6, Galaxy S6 edge, Galaxy S6 edge+, and Galaxy Note 5 this fall in the United States and Korea. Discover cardmembers will obtain access to Samsung Pay in 2016.
“Discover remains committed to providing cardmembers with simple, convenient and versatile payment options,” said Diane Offereins, Discover’s president of payment services. “Adding Samsung Pay expands our ability to offer innovative and secure mobile payment services, enhancing the customer experience that cardmembers have come to expect from Discover.”
Samsung Pay uses tokenization instead of payment card information for every transaction and consent for payment must be authorized by the cardholder with a fingerprint or a PIN. To make a purchase at the point-of-sale, Discover cardmembers will simply swipe up on eligible Samsung devices, scan their fingerprint and pay. When Discover cardmembers use Samsung Pay, they will continue to earn rewards and will continue to have protection against unauthorized purchases on their Discover card account.
For more information on Samsung Pay, visit www.samsung.com
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home equity loans, checking and savings accounts, certificates of deposit and money market accounts through its direct banking business. It operates the Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discover.com/company.
This press release contains forward-looking statements. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties. The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: unexpected difficulties or delays in executing the proposed arrangements. The forward-looking statements speak only as of the date of this press release, and there is no undertaking to update or revise them as more information becomes available. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Discover’s Annual Report on Form 10-K for the year ended December 31, 2014, and "Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, which are on file with the SEC and available at the SEC's website at www.sec.gov.