Enabling Interac Debit on Samsung Pay in Canada
Rambus has teamed with Samsung Canada and Interac Association/Acxsys Corporation to help enable Interac Debit on Samsung Pay in Canada. Developed in collaboration with Rambus, the Interac Token Service Provider (TSP) allows Interac users to make secure mobile debit payments with tokenized transactions via Samsung Pay. Put simply, tokenization replaces sensitive financial information with unique reference numbers to minimize the risk of fraud.
“Tokenization replaces primary account numbers (PAN) with alternative PANs called payment tokens, making Interac Debit on Samsung Pay a highly-secure payment option, as these tokens have no value to fraudsters when intercepted,” said Chakib Bouda, chief technology officer of Payments, Rambus. “With the rapid expansion of mobile payments, the increase of data breaches and fraud rates, tokenization technology has become essential in the mobile payments industry. We are excited to be one of Samsung’s and Interac’s partners to help deliver mobile payment transactions through our collaboration on the TSP.”
A closer look at Samsung Pay in Canada
Samsung Pay, a widely accepted mobile payment solution, is a highly-secure platform that works with three levels of security—fingerprint authentication, card tokenization and Samsung’s mobile security platform Samsung KNOX. Thanks to Samsung’s Near Field Communication (NFC) technology, Samsung Pay works almost anywhere you can tap an Interac card today. Now, with the integration of the Interac TSP, Canadian customers can continue to use Samsung Pay in the most convenient way possible.
“When it comes to mobile payments, we understand the important balance of convenience and security and Samsung Pay provides just that – a simple, secure and convenient seamless mobile payment solution,” explained Paul Brannen, COO and executive vice president of Samsung Electronics Canada.
Samsung Pay is supported on Galaxy A5, Galaxy S7 and Galaxy S7 edge, Galaxy S6, Galaxy S6 edge, Galaxy S6 edge+, Galaxy S8 and S8+, and Galaxy Note8 and Galaxy Note5 devices and available exclusively in the Samsung Galaxy Apps Store.
More about Interac Debit on Samsung Pay in Canada
According to Debbie Gamble, Interac Association and Acxsys Corporation’s vice president of digital product and platforms, the above-mentioned collaboration is part of Interac’s ongoing efforts to progress mobile payments in Canada.
“Through our partnership with Rambus and Samsung, we are able to expand our TSP platform to more users, bringing Interac Debit on Samsung Pay to consumers in Canada,” she stated.
By integrating tokenization technology, says Gamble, Interac Debit on Samsung Pay is able to protect transaction data and mitigate fraud. As noted earlier, this technology replaces primary PANs with alternative PANs (tokens), making Interac Debit on Samsung Pay a highly-secure payment option, as these tokens have no value to fraudsters when intercepted.
