Synchrony Financial, a large provider of private label credit cards in the U.S., announced that the benefits and features available on Synchrony Bank-issued private label credit cards can be easily accessed by cardholders through Samsung Pay, scheduled to launch in October.
Leveraging both Magnetic Secure Transmission (MST) and Near Field Communication (NFC) technologies, Samsung Pay is compatible with most existing payment terminals and allows Synchrony Financial’s partners and customers to enjoy the benefits that our retail cards offer as well as the secure, convenient mobile payment functionality they desire. All of Synchrony Bank’s Payment Solutions and CareCredit cards, including 12 million average active accounts accepted at nearly 300,000 locations, are capable of being provisioned for Samsung Pay when it launches in October.
“We continue to make our cards valuable to consumers, retailers and merchants and are pleased to securely offer the benefits of our private label credit cards through Samsung Pay,” said Margaret Keane, president and CEO of Synchrony Financial. “Through our ongoing innovation and strategic partnerships, we have developed a mobile platform that we can rapidly integrate with providers’ wallets while preserving the value of Synchrony Bank’s private label credit cards and patented Dual Cards for whichever mobile wallet our partners and customers choose.”
The Samsung Pay app is locked by fingerprint or PIN, which Synchrony says makes it immediately more secure than a traditional wallet. Synchrony also says added security is provided because the Synchrony Bank private label credit card accounts in Samsung Pay will be device-specific and domain-restricted tokens, meaning they will only work in the merchant’s store.
Synchrony Financial has said that they’ve seen a growth in the number of customers interacting through the use of only mobile channels. Synchrony has seen growth across their entire line of mobile apps including their mApply product that allows for shoppers to securely apply for credit on their mobile devices, mService product that allows customers to pay bills and service their accounts, and their digital card which enable in-store account lookup and mobile payments.