Samsung Card, one of Korea's largest credit card issuers, is launching a 'one click' virtual credit card called Baropay, utilising Trintech's PayWare eIssuer technology.
Samsung is offering the Baropay solution across Korea to its 7.2 million MasterCard and Visa customer base. The product utilises PayWare eIssuer's 'drag and drop' instant payment technology and PIN-protected security to enable secure shopping by PC and via mobile devices.
"Samsung Card is widely recognized as a leading payment instrument by Korean consumers," says Seok Hyun Yoon, director of cyber business at Samsung Card. "By working closely with Trintech to supply a Samsung card specifically for Internet use, we are able to offer our customers unparalleled ease of use, security and flexibility, to streamline the Internet purchasing experience for maximum efficiency across a variety of platforms, from PCs to cell phones."
Customers activate their virtual credit cards by visiting the Samsung Web site and accessing their accounts by entering unique personal information, such as date of birth or PIN. Baropay then automatically downloads, installs and launches the virtual credit card on the consumer's PC. The cardholder chooses a personal password, shipping address, telephone number and e-mail address. The Samsung-branded virtual credit card resides in the system tray or as an icon on the desktop.
Each time the cardholder makes a purchase, he or she drags the virtual card from the desktop to the merchant payment form and types in a personal password for verification. The form is then automatically filled and the cardholder submits it to complete the purchase. Payment card and address information is encrypted using Secure Sockets Layer technology.