Tokenization allows Canadian cardholders to make secure mobile payments
Today Rambus Inc. (NASDAQ: RMBS), a leader in digital security, semiconductor and IP products and services, announced that it has teamed with Samsung Canada and Interac Association / Acxsys Corporation, the organizations behind Canada’s leading payment brand, to help enable Interac Debit on Samsung Pay in Canada. The Interac Token Service Provider (TSP), developed in collaboration with Rambus, now helps allow Interac users to make secure mobile debit payments through tokenized transactions using Samsung Pay. With the addition of tokenization, this TSP substitutes sensitive information with unique reference numbers to minimize the risk of fraud.
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 wherever 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,” said Paul Brannen, COO and executive vice president of Samsung Electronics Canada.
Samsung Pay is supported on Galaxy Note8; Galaxy S8 and S8+; Galaxy S7 and S7 edge; Galaxy S6, S6 edge, and S6 edge+; Galaxy Note5 and Galaxy A5 devices and available exclusively in the Samsung Galaxy Apps Store.
“This collaboration is part of Interac’s ongoing efforts to progress mobile payments in Canada,” said Debbie Gamble, Interac Association and Acxsys Corporation’s vice president of digital product and platforms. “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.”
By integrating tokenization technology, InteracDebit on Samsung Pay is able to protect transaction data and mitigate fraud. This technology 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.
“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,” said ChakibBouda, chief technology officer of Payments, Rambus. “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.”
For more details on Samsung Pay, visit http://pages.samsung.com/ca/samsungpay/English/.
For more information on Rambus mobile payment solutions, visit rambus.com/mobile-payments.