The FINANCIAL — Visa Inc. on August 13 announced that Samsung has joined the Visa Digital Enablement Program (VDEP), which offers a commercial framework that makes it easier for issuers and technology companies to access the Visa Token Service.
Samsung will use the Visa Token Service (VTS) to offer secure mobile payments. By joining this program, Samsung will be able to ensure financial institutions can offer Samsung Pay in a convenient and scalable manner, which will ultimately help accelerate the availability of Samsung Pay for consumers around the world, according to Visa.
“Samsung Pay is now one more way consumers can make secure payments based on tokens — technology that is quickly becoming the standard for safe mobile payments,” said Jim McCarthy, Executive Vice President of Innovation and Strategic Partnerships at Visa. “Similar to how Samsung Pay is reaching mass merchant acceptance on day one, VDEP is making it easy and cost-effective for payment providers, financial institutions and technology companies like Samsung to take full advantage of token technology and bring secure mobile payments to consumers everywhere.”
“As we launch Samsung Pay, we are proud to have Visa as a day one partner,” said InJong Rhee, EVP of Samsung Electronics, Global Head of Samsung Pay. “Visa Digital Enablement Program allows financial institutions to easily offer Samsung Pay, a secure and easy-to-use mobile payment service that can be used to make purchases nearly anywhere cards are accepted.”
As the payments industry increasingly shifts from plastic to digital, Visa is helping its clients and partners offer consumers a safe, simple and consistent purchasing experience, regardless of where they are and what device they are using. Key technologies and programs helping Visa to make this shift include:
Visa Digital Enablement Program (VDEP): Designed to help partners access Visa’s secure token technology, VDEP connects financial institutions and technology companies to simplify and accelerate the roll-out of new payment and commerce services. Visa’s new Digital Enablement Program provides a turn-key commercial framework with no pass through fees between technology partners and Visa’s more than 14,000 financial institution clients around the world — eliminating the need for complex contractual agreements and technology integrations.
Visa Token Service (VTS): The Visa Token Service is a new security technology that replaces sensitive payment account information found on payment cards, such as the 16-digit account number, expiration date and security code, with a unique digital identifier that can be used to process payments without exposing actual account details. Use of the Visa Token Service by partners like mobile device manufacturers helps to ensure that sensitive card account information is never stored online or on mobile devices and is helping to transform the way consumers shop and pay with billions of connected devices.
The Visa Digital Enablement Program and Visa Token Service are now globally available to partners and clients. The Visa Token Service is currently being utilized by more than 200 financial institutions in the U.S.