MILWAUKEE, Nov. 7, 2017 /PRNewswire/ -- HSA Bank®, a division of Webster Bank, N.A., today announced the release of Samsung Pay® for its health account debit card users. HSA Bank is proud to be one of the first in the consumer-directed healthcare industry to offer a mobile payment solution for multi-account debit cards, which include Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs). With this new offering, members will be able to pay for IRS-qualified medical expenses both in-store and online through in-app purchases using their mobile wallet. The mobile payment market is growing rapidly with the number of OEM-Pay users expected to increase from 75 million in 2016 to 144 million by the end of 2017, according to Juniper Research.
"HSA Bank is committed to providing our two million members with secure and convenient payment options," said Chad Wilkins, executive vice president of Webster Bank and head of HSA Bank. "The introduction of this offering will enhance the member experience and offer our members flexibility with how they pay for IRS-qualified medical expenses, especially at point-of-sale locations that make up a significant portion of our transaction volume."
Providing best-in-class security is a top priority for HSA Bank. When members use their debit card with Samsung Pay, the actual card numbers are never shared with merchants or stored on the device, and a cashier will never see a member's card number or security code. For added protection, prior to making a transaction, members either enter their passcode or scan their fingerprint to authenticate the transaction. Samsung Pay users also have the choice to use iris scanning.
The new mobile payment feature expands on members' current ability to manage a wide array of key transactions – all from the convenience of their smartphone. For example, when members visit the pharmacy, they can use their HSA Bank mobile app, powered by WEX Health technology, to check their balance, recent transactions, and a list of IRS-qualified medical expenses. Once members confirm that they have enough funds and that the prescription is on the approved expenses list, they can use their device to pay with HSA funds through their mobile wallet, without their physical debit card on hand. And for added peace of mind, Samsung Pay users will be able to pay almost anywhere you can swipe or tap a card.
With mobile, online, paper check, and ATM access, HSA Bank continues to bring a competitive advantage to its members by offering the most options to access their health account dollars.
HSA Bank members can also pay for HSA, FSA, and HRA purchases with mobile payments through other devices.
About HSA Bank
HSA Bank is a trusted leader in consumer-directed healthcare (CDH), focusing on Health Savings Accounts (HSAs) for over two decades and serving as both the bank and administrator. Discover how we can support your benefits strategy with our comprehensive account-based health benefit solutions that include HSAs, Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Commuter Benefits. With a reputation for outstanding service and thought leadership in the CDH space, we offer one platform and one portal for all of our members. HSA Bank inspires over 2 million members and more than 35,000 employer groups to own their health by making it easy to access, understand, and afford healthcare. HSA Bank has $6 billion in assets under management with nearly $5 billion in HSA deposits and over $1 billion in investment assets, and is a division of Webster Bank, N.A., Member FDIC.
About Samsung Pay
Samsung Pay, a mobile payment service from Samsung Electronics, is simple, safe, and available almost anywhere you can swipe or tap your card. Combining NFC with Samsung's proprietary MST technologies, Samsung Pay provides consumers a way to pay almost anywhere you can swipe or tap a card at millions of merchant locations. Samsung continues to strategically expand its partnership ecosystem for Samsung Pay to provide greater flexibility, access, and choice for customers while enabling an easy and safe payment experience. Visit samsung.com/pay to learn more.
About Samsung Electronics America, Inc.
Headquartered in Ridgefield Park, N.J., Samsung Electronics America, Inc. (SEA) is a recognized innovative leader in consumer electronics, mobile devices and enterprise solutions. A wholly owned subsidiary of Samsung Electronics Co., Ltd., SEA is pushing beyond the limits of today's technology and providing consumers and organizations with a portfolio of groundbreaking products in appliances, home entertainment, Internet of Things, mobile computing, smartphones, virtual reality, wireless infrastructure and wearables, in addition to offering leading content and services related to mobile payments, 360-degree VR video, customer support and more. Samsung is a pioneering leader in smartphones and HDTVs in the U.S. and one of America's fastest growing home appliance brands. To discover more about Samsung, please visit www.samsung.com. For the latest Samsung news, please visit news.samsung.com/us and follow us @SamsungNewsUS.
About Samsung Electronics Co., Ltd.
Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, digital appliances, network systems, and memory, system LSI, foundry and LED solutions. For the latest news, please visit the Samsung Newsroom at http://news.samsung.com.
About WEX Health
WEX Health simplifies the business of healthcare through WEX Health Cloud, a cloud-based healthcare financial management platform for administering healthcare benefits. Learn more at www.wexhealthinc.com.
SOURCE HSA Bank