September was a big month for the mobile payments movement. Earlier in the month consumers saw the launch of Android Pay and the final week marked the launch of Samsung Pay in the U.S. for a few large issuers. Samsung Pay is the device maker’s mobile payment system designed to rival Android Pay and Apple Pay. Unlike its competitors, Samsung Pay is not limited to NFC-based systems and uses magnetic secure transmission (MST), which is expected to work anywhere you swipe or tap a card.
What Do You Need to Know?
It’s clear that the evolution of mobile payment systems is now in full swing and it’s important to stay informed. CO-OP Financial Services is working on a number of fronts to make these new digital wallets available to credit unions and their members.
“We are currently in development to support all of these transactions,” says Amy MacMullen, Senior Product Manager, CO-OP Financial Services.
CO-OP is working with several credit unions this fall as Beta credit unions.
The HCE (Host Card Emulation) wallets require a new provisioning authentication method and CO-OP is currently in the middle of that development process with completion scheduled for the second quarter of 2016. For credit unions to meet these new requirements they must have implemented APBatch4.
How Will It Work?
Enrollment in Android Pay and Samsung Pay will be similar to that of Apple Pay. Once a credit union is enrolled, members may download the Android Pay app from the Google Play store or install the Samsung Pay app from the home screen. Android Pay and Samsung Pay will be compatible with most Android and Samsung smartphones and carriers. Verizon is however, currently not supporting Samsung Pay.
Like Apple Pay for iPhone users, Android Pay and Samsung Pay offers users the convenience and security of mobile payments at more than one million merchants nationwide.
“Staying informed and updated on the rollout of these mobile payment options will help keep you current with your customers’ needs and expectations,” says MacMullen. “Our goal is to make Android Pay and Samsung Pay available as quickly as possible.”
For more information, read our Android Pay FAQ document here and digital wallets white paper here. You can also give us a call at (800) 782-9042, option 2, or email sales@co-opfs.org.
The original article Keeping Abreast of the Mobile Payments Evolution can be found on Insight Vault.
