Synchrony Financial has collaborated with Samsung to enable its customers to access the benefits of Synchrony Bank-issued private label credit cards through the Samsung Pay mobile wallet.
Through the partnership, Samsung Pay, which utilizes Magnetic Secure Transmission (MST) and Near Field Communication (NFC) technologies, will allow Synchrony Financial’s partners and customers to access the features and benefits Synchrony Bank private label credit cards via mobile phones.
All of Synchrony Bank’s Payment Solutions and CareCredit cards including 11.4 million active accounts accepted at more than 300,000 locations will be capable of being provisioned for the Samsung Pay.
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All the credit card accounts in Samsung Pay will be device-specific and domain-restricted tokens with permission to only work in the merchant’s store, providing additional security.
Synchrony Financial CIO Carol Juel said: "Through our ongoing innovation and strategic partnerships, we have developed a mobile platform that we can rapidly integrate with providers’ wallets while preserving the benefits of Synchrony Bank’s private label credit cards and patented Dual Cards for whichever mobile wallet our partners and customers choose."