NFC Times Exclusive Insight – CaixaBank is the first in Europe to announce it has signed up to participate in Samsung Pay, leading an expansion of the mobile payments service to Spain.
CaixaBank confirmed to NFC Times that it will not support Samsung’s proprietary MST (magnetic secure transmission) technology, at least not when it launches with Samsung Pay in coming months.
And as NFC Times earlier reported, banks in Europe will store its payment application credentials, including tokens, on the embedded chip in the devices supporting Samsung Pay, not in the trusted execution environment, as banks do in the U.S. and perhaps South Korea for Samsung Pay. A bank spokeswoman confirmed that CaixaBank will store the credentials on the embedded chip.