Mastercard, RBL Bank and Samsung India Launch Samsung Pay
Mastercard, RBL Bank and Samsung India today announced the launch of Samsung Pay for RBL Bank’s credit cardholders. The partnership will allow RBL Bank Mastercard credit cardholders to make contactless mobile payments using their Samsung Pay-enabled phones. These payments can be made via any PoS (Point of Sale) machine where a card can be dipped, swiped or tapped, both in India and abroad. A physical card does not need to be present.
RBL Bank’s customers can easily add their Mastercard credit cards on Samsung Pay. Samsung Pay authenticates consumers through fingerprint, iris scan or PIN. Based on successful authentication, consumers can complete their purchases by simply tapping their devices on a compatible terminal. Every transaction provides consumers and retailers with all the benefits associated with a physical card, coupled with enhanced security through advanced cryptographic protocols.
Mastercard Digital Enablement Service (MDES) allows Mastercard credit and debit cardholders to tokenize their cards and pay using their mobile phones, anytime and anywhere. Mastercard already offers safe and secure payments through tokenization in nearly 50 countries across 1,500 banks. In India, consumers can use their mobile phones to make contactless payments of up to ₹ 2,000.
Elaborating on the partnership, Harjeet Toor, Head - Retail, Inclusion and Rural Business, RBL Bank said, “Currently, RBL Bank has over two million Mastercard credit cardholders, and we continue to be amongst the top five players in terms of new card addition. At RBL Bank, we are committed to delivering value and convenience to our consumers by seeking to integrate technology into our solutions. Our partnership with Samsung India and Mastercard is a major step in this direction as it will immensely improve the user experience and safety of our credit cards.”
"We are very excited to have RBL Bank onboard Samsung Pay. This partnership will enable more and more consumers to go digital. Samsung Pay uses tokenization, which ensures that the actual card number is never used during the transaction, and instead, a token is used to keep card details completely safe and secure. Samsung Pay is protected by defence-grade Knox security platform in addition to Fingerprint/PIN Protection. Samsung Pay stands out when it comes to merchant acceptance due to its patented MST Technology that allows it to work seamlessly at any Point-of-Sale terminal in the market,” Sanjay Razdan, Senior Director, Samsung India, said.
“Contactless payments powered by Mastercard have the most potential where there are long lines and consumers cherish speed – such as grocery stores, transit turnstiles, fast food counters, parking garages and fuel pumps. For these low-value but frequent transactions, contactless payments allow users to be on their way with just a tap, which is nearly 10 times faster than dipping their card. What’s more, there’s no fumbling with cash, no punching in a PIN, no waiting for a receipt, all without sacrificing security. By enabling contactless mobile payments on Samsung Pay-enabled phones, RBL Bank and Mastercard are working together to facilitate consumer choice and helping to propel India towards a cashless economy,” said Vikas Varma, Senior Vice President, Account Management, South Asia, Mastercard.
As India eyes more than two million NFC enabled merchant acceptance locations by the end of 2019, this partnership will play an essential role in encouraging contactless payments nationwide.