Samsung Pay Security

By leveraging the Samsung KNOX™ security framework with E2E encryption plus tokenization, Samsung Pay makes credit card data theft virtually impossible

By leveraging the Samsung KNOX™ security framework with E2E encryption plus tokenization, Samsung Pay makes credit card data theft virtually impossible

Today, a growing number of consumers expect secure mobile payments to be part of their purchasing experience. Indeed, the trend in consumer preference for mobile wallets over physical wallets is well documented and a number of recent surveys [1] indicate a mild surge in mobile wallet usage. Much of this is largely due to the heavy publicity surrounding the launches of Apple Pay, Samsung Pay, and Android Pay. But is using a mobile wallet safe? What security measures are in place to prevent the theft or compromise of sensitive cardholder information?

The answers to these questions greatly inform a consumer’s decision to adopt a mobile wallet, especially given the number and scope of data breaches, retail and otherwise, appearing all too often in the news, which is why many privacy advocates worry that the emergence of mobile wallet technology will leave consumers more vulnerable than ever to identity theft and invasive data collection.

But is using a mobile wallet safe?

Most of these concerns, however, are unfounded. Mobile wallets are certainly safer than plastic credit cards. The fact remains that with any electronic transaction there is always an element of risk, and mobile wallet-based payments are no exception. True of any cutting-edge technology, new mobile payment methods will undoubtedly introduce new threats.

Hence, given the statistical trend and market concerns,
this white paper explores the hows and whys of Samsung
Pay mobile wallet security from the device, payment network, and card issuer perspectives. We’ll go over security measures that are inherent in the technology, as well as those created by Samsung and its partners to add ever higher degrees of protection.