Synchrony Financial Adds Private Label Card Benefits for Samsung Pay
September 28, 2015
STAMFORD, Conn.--(BUSINESS WIRE)--Synchrony (NYSE: SYF) is pleased to be one of the first issuers to offer private label credit cardholders the ability to add their cards to Samsung Pay, the mobile payment service which launched today in the United States and works virtually anywhere customers can swipe their cards.
As the largest provider of private label credit cards in the U.S.1, Synchrony 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 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’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 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.
“Today’s announcement further highlights Synchrony’s leadership in mobile payments technology,” said Margaret Keane, president and CEO of Synchrony. “Through our innovation and strategic partnerships, we are helping shape the future of how private label credit cards work in mobile wallets. We are proud to offer our merchant partners and their customers the value and benefits of our private label credit cards in Samsung Pay’s secure, simple and widely accepted mobile wallet.”
“At Samsung, we believe mobile pay is the future for everyone,” said JK Shin, CEO of Samsung Mobile. “That’s why we built Samsung Pay, the first mobile solution that gives people a way to shop and spend virtually wherever they want, on the payment terminals that retailers already use.”
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.
Synchrony continues to be at the forefront of mobile payments technology, enabling mobile payments for additional private label credit card and patented Dual Card portfolios for whichever mobile wallet our partners and customers choose. For more information and a list of participating retailers, visit www.mysynchrony.com.
Synchrony (NYSE: SYF) is one of the nation’s premier consumer financial services companies. Our roots in consumer finance trace back to 1932, and today we are the largest provider of private label credit cards in the United States based on purchase volume and receivables2. We provide a range of credit products through programs we have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers to help generate growth for our partners and offer financial flexibility to our customers. Through our partners’ over 300,000 locations across the United States and Canada, and their websites and mobile applications, we offer our customers a variety of credit products to finance the purchase of goods and services. Synchrony (formerly GE Capital Retail Finance) offers private label and co-branded Dual Card credit cards, promotional financing and installment lending, loyalty programs and FDIC-insured savings products through Synchrony Bank. More information can be found at ww.synchronyfinancial.com and twitter.com/SYFNews.
About Samsung Pay
Samsung Pay is a simple, safe and virtually everywhere mobile payment service from Samsung Electronics, a global leader in mobile solutions. Combining Near Field Communication (NFC) with Samsung’s proprietary Magnetic Secure Transmission (MST) technologies, Samsung Pay provides consumers a way to pay nearly anywhere you can swipe a credit card for support at over 30 million merchant locations worldwide. Samsung continues to strategically expand its partnership ecosystem for Samsung Pay to provide greater flexibility, access, and choice for customers while enabling an easy and safe payment experience.
About Samsung Electronics Co., Ltd.
Samsung Electronics Co., Ltd. inspires the world and shapes the future with transformative ideas and technologies, redefining the worlds of TVs, smartphones, wearable devices, tablets, cameras, digital appliances, printers, medical equipment, network systems, and semiconductor and LED solutions. We are also leading in the Internet of Things space through, among others, our Smart Home and Digital Health initiatives. We employ 307,000 people across 84 countries with annual sales of US $196 billion. To discover more, please visit our official website at www.samsung.com and our official blog at global.samsungtomorrow.com.
1Based on purchase volume and receivables according to issue number 1,062 of “The Nilson Report,” dated April 2015 (based on 2014 data).
2Source: The Nilson Report (April, 2015, Issue # 1062) - based on 2014 data.