Synchrony has become the private label credit card issuers to give its cardholders the ability to add their cards to Samsung Pay, the mobile payment service which launched today in the United States and works almost anywhere customers can swipe their cards.
As the largest provider of private label credit cards in the U.S. Synchrony Financial says it is is committed to preserving the value and benefits our cards offer – including loyalty and rewards programs, point of sale (POS) discounts and promotional financing – when customers choose to make simple and secure mobile payments with Samsung Pay.
By leveraging Magnetic Secure Transmission (MST) technology, which replicates a card swipe and is compatible with most existing payment terminals that accept magnetic card swipes, Samsung Pay makes secure mobile payments more accessible for merchants without requiring a point of sale device upgrade.
This allows Synchrony Financial’s merchant partners and their customers to enjoy the benefits that our cards offer as well as the secure, convenient mobile payment functionality they desire. Samsung Pay is currently compatible with Synchrony Financial private label credit cards in the Payment Solutions and CareCredit portfolios, which provide financing across a range of industries, such as: automotive; electronics; health, wellness and beauty; home furnishings; and sporting goods.
The Samsung Pay app is locked by fingerprint or PIN making it immediately more secure than a traditional wallet. All Synchrony Bank private label credit card accounts in Samsung Pay are device-specific and domain-restricted tokens, meaning they only work in the merchant’s store, providing additional security.
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