MasterCard cardholders of Commonwealth Bank of Australia can now securely load and store payment account credentials on select flagship NFC-enabled Samsung devices.
Commonwealth Bank of Australia, according to a press statement, is the first bank globally to collaborate with MasterCard and Samsung to offer this service to its customers.
The service uses MasterCard’s PayPass digital platform within its CommBank app on the embedded secure element of the Samsung Galaxy S4.
MasterCard and Samsung, in partnership with financial institutions and mobile network operators worldwide, plan to complete similar service rollouts over the next year, including launches in Turkey, Russia and the Ukraine in the first quarter of 2014.
The deal follows a similar move by MasterCard’s rival Visa in February, which announced plans to join forces with Samsung in an alliance designed to encourage the take-up of mobile payments via NFC-based smartphones.