U.S. Bank, Samsung Working on New Mobile-Payments Service

March 02, 2015

MINNEAPOLIS--(BUSINESS WIRE)--Mar. 2, 2015-- U.S. Bank has announced that it’s working with Samsung Electronics Co. to enable U.S. Bank cardmembers to use the new Samsung Galaxy S6 phone for credit-card transactions as the bank continues to develop secure, convenient and innovative payment options.

“We're thrilled to have payments become a core capability of the mobile phone,” said Pam Joseph, vice chairman and head of U.S. Bank Payment Services. “The result of mobile payments is that our customers can use the same, familiar credit-card payment system but with added security and convenience.”

Samsung Pay, developed in partnership with Visa and MasterCard, uses both Near Field Communication (NFC) and a new proprietary technology called Magnetic Secure Transmission (MST) to make mobile payments more accessible to merchants and consumers than ever before.

For more details about the technology works, please go to www.samsungmobilepress.com, and U.S. Bank will announce details about the service later in 2015.

About U.S. Bank

Minneapolis-based U.S. Bancorp (NYSE:USB), with $403 billion in assets as of Dec. 31, 2014, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The company operates 3,176 banking offices in 25 states and 5,022 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

Source: U.S. Bancorp

U.S. Bank Public Relations
Michael Bares, 612-973-1918
michael.bares@usbank.com

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