Samsung Pay to support Interac debit in Canada
Canadian consumers using Samsung Pay can now make Interac debit payments through their mobile devices using a tokenization service from Interac and digital security provider Rambus Inc.
The service for Samsung Pay comes about four months after Interac Associaton/Acxsys Corp., which operates as Canada's domestic debit network, worked with Rambus and Google Inc. to develop a tokenization program for Android Pay.
Samsung Pay deploys fingerprint authentication, card tokenization and its own mobile security platform, and its Near Field Communication chip allows it to complete Interac debit transactions at any location accepting Interac contactless cards.
“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 Chakib Bouda, chief technology officer of payments at Rambus, in a Nov. 1 press release. “We are excited to be one of Samsung’s and Interac’s partners to help deliver mobile payment transactions through our collaboration on the token service provider.”
By integrating tokenization, Interac debit on Samsung Pay is able to protect transaction data and mitigate fraud by replacing primary account numbers with alternative PANs called payment tokens, which are of no value if stolen.
“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.”
Indeed, the move to support Samsung Pay continues an Interac trend it has been setting the past few years in promoting mobile commerce and contactless payments. Earlier this year, the Interac debit network provided software that allowed in-app payments for users.
Rambus Security is no stranger to new technologies, saying its security products protect nearly nine billion licensed products annually, providing secure access to data and developing "digital trust" between providers and their customers.