Samsung Pay Offers Tokenized Money Transfer Service in Russia

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Mobile payment service Samsung Pay is now offering a tokenized cashless transfer service in the Russian Federation, local media reported. Samsung Pay is partnering on the project with Visa, Mastercard, and Multikarta, and the Russian Vneshtorgbank (VTB) will be the acquiring bank. When making a transfer, a randomly generated token will replace the card number thereby protecting the clients’ personal information, mitigating the risks of the data being intercepted by third parties.