How secure is Samsung Pay?
You can add a card to Samsung Pay, a device specific digital card is allocated by Samsung Pay and Card Network through tokenization represents your physical card.
When you add a card to Samsung Pay, a device specific digital card is allocated by Samsung Pay and Card Network through tokenization represents your physical card. The digital card is stored in Secure Environment using Samsung KNOX technology to protect your payment information. Your physical card details are not stored by Samsung Pay except the last 4 digits of your card number for easy identification.
During payment, Samsung Pay app verifies your identity with your iris, Fingerprint or a 4 digit Samsung Pay specific PIN, to ensure each payment is authorised by you.
To borrow or not to borrow? Borrow only if you can repay !
Tokenization is a method of replacing your sensitive payment card information (Card Number, Expiration Date, Security code, etc.) with a device-specific digital card, or ‘Token’ which acts as a surrogate value. In mobile payments, Tokens are used to protect your payment information and to reduce the security risks inherent to plastic cards.
A Secure Environment is a physically segregated environment in the phone which carries out secure operations such as iris and fingerprint authentication and storing payment information. Normal applications has no access to the information in a Secure Environment.
Samsung KNOX runs scans to see if your device is secure. Samsung KNOX will permanently disable Samsung Pay on a compromised device in order to protect your payment information.
No. Samsung does not store your payment information on a Samsung server or the device.
Samsung Pay does not change the way your payment information is stored or handled when you make purchases. Your payment information will continue to be managed by your card network and card issuer.
Only a device-specific digital card, which is used to replace your sensitive payment information, is stored on the device.
No. Samsung Pay does not have access to your bank accounts.
No. Formatting your device will remove all bank cards registered to your device.
You would need to register your cards again if you were to change your phone as no data will be stored in the application.
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