• Visa cardholders who bank with Scotiabank can now pay with Samsung Pay
• More than 70 per cent of personal purchases in Canada are made without cashi
Toronto, ON - November 01, 2017 - Visa (NYSE: V) - Visa Canada, the first payment network to offer Samsung Pay in Canada, announced today it is expanding its Samsung Pay service to Scotiabank Visa cardholders. This service, available exclusively through the Samsung Galaxy Apps Store, allows Scotiabank account holders to add their Visa credit cards to their compatible Samsung devices (the Galaxy Note8; Galaxy S8 and S8+; Galaxy S7 and S7 edge; Galaxy S6, S6 edge, and S6 edge+; Galaxy Note5 and Galaxy A5) to make payments on their smartphones and conduct transactions in a convenient and secure way at contactless point-of-sale terminals.
"We are thrilled to expand mobile payment options for Visa cardholders who bank with Scotiabank," says Derek Colfer, Head of Digital Innovation at Visa Canada. "Samsung users who bank with Scotiabank can now enjoy the ease and convenience of using Visa directly from their mobile phones, while benefiting from the same security available on Visa payment cards. Digital identifiers, such as a fingerprint or PIN, keep consumers in control of each payment that is made."
"We're happy to expand our Samsung Pay offering to Scotiabank Visa cardholders, offering a seamless digital wallet solution that is simple, safe and convenient," said Paul Brannen, COO and Executive Vice President of Samsung Electronics Canada.
"We are proud to work with Visa to bring mobile payment solutions to Scotiabank Visa credit card customers using Samsung devices." said Brian McCabe, vice president of Day-to-Day Banking at Scotiabank. "As technology and customer preferences continue to evolve rapidly, Samsung Pay will be a strong addition to our comprehensive portfolio of leading mobile payment services, allowing our customers more choice in how they bank with us."
Samsung Pay transactions take advantage of the extra security provided by the Visa Token Service. This security technology replaces sensitive information such as credit card numbers, expiration dates, and security codes with a unique identifier that can be used to make mobile payments without exposing actual account details.
Canada has become one of the most digitized economies and one of the most sophisticated electronic payments industries in the world. Recent studies have found that more than 70 per cent of Canadian personal purchases are made without cashii, and 45 per cent of face-to-face Visa transactions in Canada are now contactlessiii. Increasingly, those payments are being made on mobile devices - more than one-third of Canadians have used their smartphone to make a purchaseiv.
About Visa Inc. Visa Inc.
(NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit visa.ca and @VisaNewsCA.
ii Euromonitor – Merchant Segment Study, 9th edition
iii VisaNet 2017
iv Google Mobile Report 2013