|By Business Wire||
|February 24, 2014 03:15 PM EST||
Mobile World Congress – PayPal and Samsung today announced a collaboration that will make Samsung Galaxy S5 users the first to be able to login and shop at any merchant that accepts PayPal on mobile and in-stores with only their fingerprint. The new secure, biometric feature means Galaxy S5 users will no longer need to remember passwords or login details across millions of PayPal merchants. PayPal will be the first global payments company to support Samsung’s mobile fingerprint authentication technology.
Samsung is one of the world's most trusted handset makers, with a strong presence in more than 150 countries. By using fingerprint authentication instead of a traditional login and password on the new, fifth generation Samsung Galaxy S5, launched today at Mobile World Congress, consumers benefit from an even more secure and seamless mobile and in-store shopping experience across the millions of merchants that accept PayPal.
“We spearheaded the Fast IDentity Online Alliance last year and predicted that the industry would soon move beyond passwords, and this announcement brings us one step closer to that reality,” said Hill Ferguson, Chief Product Officer for PayPal. “By working with Samsung to leverage fingerprint authentication technology on their new Galaxy S5, we are able to demonstrate that consumers don’t need to face a tradeoff between security and convenience. With a simple swipe of a finger, consumers can still securely log into their PayPal account to shop and pay with the convenience that mobile devices afford.”
PayPal provides a secure wallet in the cloud and doesn’t store personal information on the device. Customers can use their finger to pay with PayPal from their new Galaxy S5 because the FIDO Ready™ software on the device securely communicates between the fingerprint sensor on their device and PayPal’s service in the cloud. The only information the device shares with PayPal is a unique encrypted key that allows PayPal to verify the identity of the customer without having to store any biometric information on PayPal’s servers.
"We are very excited about our relationship with PayPal as it will bring one of the most trusted online payment solutions in the world to the broader mobile market," said Hankil Yoon, Senior Vice President of Mobile Product Strategy. "Together with PayPal, we expect to provide our customers with a seamless and secure experience in online shopping and payments on our new Samsung Galaxy S5."
Starting in April, PayPal fingerprint authentication on the Samsung Galaxy S5 will be available in 26 markets globally, including Australia, Brazil, Hong Kong, Russia, United Kingdom and United States. To watch a video of the experience, please click here.
About Samsung Electronics Co., Ltd.
Samsung Electronics Co., Ltd. is a global leader in technology, opening new possibilities for people everywhere. Through relentless innovation and discovery, we are transforming the worlds of TVs, smartphones, tablets, PCs, cameras, home appliances, printers, LTE systems, medical devices, semiconductors and LED solutions. We employ 286,000 people across 80 countries with annual sales of US$216.7 billion. To discover more, please visit www.samsung.com.
PayPal is the faster, safer way to pay and get paid online, via a mobile device and in store. The service gives people simpler ways to send money without sharing financial information, and with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing. With 143 million active accounts in 193 markets and 26 currencies around the world, PayPal enables global commerce, processing more than 9 million payments every day. Because PayPal helps people transact anytime, anywhere and in any way, the company is a driving force behind the growth of mobile commerce and processed $27 billion in mobile payments in 2013. PayPal is an eBay (Nasdaq:EBAY) company and contributed 41 percent of eBay Inc.'s revenues in 2013. PayPal is headquartered in San Jose, Calif. and its international headquarters is located in Singapore. More information about the company can be found at www.paypal-media.com.