MasterCard Extends Partnership To Take Samsung Pay To Europe

MasterCard Inc. and Samsung Electronics Co. Ltd announced on Thursday they will extend their partnership and deliver mobile payment service Samsung Pay to Europe. The partnership will leverage the MasterCard Digital Enablement Service, allowing European card issuers to connect to the service and activate Samsung Pay when it launches, according to a statement. European cardholders will be able to pay via near-field communication and magnetic-stripe technology. Samsung Pay is scheduled to launch in the U.S. and South Korea later this summer, but has not announced plans for Europe. Apple Inc.'s Apple Pay, Samsung Pay's biggest competitor, launched in the U.K. earlier in July. Samsung is down 8% in the year to date, while MasterCard is up 14%. The S&P is up 2% in the year.