From today Commonwealth Bank Mastercard customers will have access to Samsung Pay. The contactless payment platform enables CBA customers to make payments via compatible Samsung phones and wearables.
CommBank already offers Android Pay but not Apple Pay. Research released this week suggested smartphones users’ loyalty to their devices was influencing their choice of banks.
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In a company statement, Samsung said the new partnership with CBA demonstrates their commitment “to making mobile wallets an everyday reality for millions of Australians.”
To use the app CBA customers must load their Mastercard debit and credit card information to the Samsung Pay digital wallet. However the app creates a “tokenised card number” for users and no sensitive card information is stored on the device, according to Samsung. Transactions also require PIN, Iris or fingerprint authentication before making payment.
The app also includes the ability to store loyalty cards and register rewards points, which lessens customers “reliance on a physical wallet”, said Garry McGregor, Director of IT and Mobile, Samsung Electronics Australia.
“We’re thrilled to partner with Commonwealth Bank on Samsung Pay as this strengthens our shared commitment, that’s existed since 2013 with CBA’s Tap & Pay on the Galaxy S4, to develop easy-to-use, secure and ‘smart’ mobile wallet options for Australians,” McGregor added.
Michael Baumann, General Manager Everyday Banking & Payments, Commonwealth Bank said the partnership with Samsung Pay gives customers new digital payment options.
“With more than $6 billion of transactions across the CommBank app each week we know that our customers love using their phones to make payments,” Baurmann said.
“Since 2013 our customers have been able to use their smartphones to make payments. By offering customers the ability to pay with Samsung Pay we are combining choice and convenience.”