Samsung Pay is set to finally launch in the U.S. and South Korea later this summer, but the Galaxy-maker is already preparing for an expansion into Europe. The company recently announced official plans to hit the continent through a partnership with MasterCard, though it’s unclear exactly when the EU launch will actually happen.
MasterCard is already a key player in Samsung Pay. The credit card company is all set to take care of the tokenization process for Samsung, ensuring that payments are secure. “Both organizations are committed to groundbreaking fin-tech innovations that will deliver on the promise of a true mobile wallet,” said Samsung Pay chief Injong Rhee.
Samsung is still working with European banks and other partners in the region, so it could be a while before the service actually launches. Samsung Pay’s focus on magnetic strip readers could also be an issue in Europe, where Chip-and-PIN is already the standard. Thankfully, the service also supports contactless NFC-based payments.
In the meantime, we’re looking forward to trying out Samsung Pay in the U.S. later this summer. The service may not actually arrive until September, but hopefully we’ll hear more about it next month during Samsung’s big Unpacked event on August 13.