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Synchrony links private label cards to Samsung Pay
Synchrony Financial’s private label credit card holders will be able to connect their cards to the new Samsung Pay mobile payment system when it launches next month.
Stamford, Conn.--Synchrony Financial announced this week that its private label credit card holders will be able to connect their cards to Samsung’s mobile payment system when it launches.
Samsung just announced that Samsung Pay, its answer to Apple Pay, is slated to come out late next month. Through the new program, consumers will be able to attach their cards to their smartphones, allowing them to pay at stores by just waving the phone in front of a sensor and confirming the purchase with a fingerprint scan.
Using both magnetic secure transmission (MST) and near-field communication (NFC), Samsung Pay is compatible with most existing point-of-sale terminals, and Synchrony said that all of its Payment Solutions and CareCredit Cards can use Samsung Pay.
Samsung Pay is locked by a fingerprint scan or PIN for safety, and to add extra security, all Synchrony 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.
Samsung Pay will be preloaded on select Galaxy S6 edge+ and Galaxy Note5 devices, and a free software upgrade will be rolled out beginning mid-August to enable Samsung Pay on Galaxy S6 and S6 edge devices in the United States.
The official U.S. launch date for it is Sept. 28.
The move to link its cards with Samsung Pay is in line with Synchrony’s efforts to build its offerings of mobile payment technology.
The company also announced in June that its private label credit cardholders will have the ability to add their cards to Apple Pay. That mobile payment system can be accessed through the iPhone 6 and 6 Plus, as well as iPhone 5S phones paired with the Apple Watch.
Synchrony also has mApply, allowing shoppers to securely apply for credit on their mobile devices; mService, allowing customers to pay bills and take care of their accounts on mobile devices; and its digital card, a proprietary digital version of a Synchrony private label credit card or Dual Card.
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