Enabling Technologies

Samsung Pay Gains Momentum in South Korea, All Set for US Launch

Samsung Pay—a secure and easy-to-use mobile payment service that can be used to make purchases nearly everywhere cards are accepted—was launched in Korea on August 20. Since its launch in South Korea, around 500,000 users signed up for the service.

Samsung Pay’s popularity in South Korea is definitely going to boost the US launch; Samsung is planning to launch Samsung Pay in the US on September 28. It will be preloaded on some of the latest Samsung devices such as the Galaxy S6 edge+ and Galaxy Note 5 and will also be available as a free software upgrade to enable Samsung Pay on Galaxy S6 and S6 edge devices. Once launched, US cardholders will be able to make safe, seamless and secure payments with their MasterCard consumer credit, debit and select prepaid and small-business cards.

Samsung plans to roll out the service in the UK, Spain and China, with partners to be named in each market.

In one of our recent article, we mentioned that Samsung is planning to launch new mid and low-tier smartphones compatible with Samsung Pay by 2016. The strategy behind this step could be to retain its market share again. According to Samsung, providing the new service with its handsets will help the company in differentiating itself from the others.

The card mobile payment service will be facing some tough competition from the already established players in the US like Apple, which already offers payments, and Google, which is set to come up with its new mobile payment solution Android Pay. However, the momentum gained by the service in South Korea can be a preview for its competitors in US.

About Samsung Pay:

Samsung Pay is a simple and safe mobile payment service from Samsung Electronics. Combining NFC with Samsung’s proprietary MST technologies, Samsung Pay provides consumers a way to pay at millions of merchant locations worldwide—nearly at any place where a card can be swiped. 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.

About Samsung Electronics Co., Ltd.:

Samsung Electronics Co., Ltd. inspires the world and shapes the future with transformative ideas and technologies, redefining the worlds of TVs, smartphones, wearable devices, tablets, cameras, digital appliances, printers, medical equipment, network systems, and semiconductor and LED solutions. The company is also leading in the Internet of Things space through, among others, its smart home and digital health initiatives. It employs 319,000 people across 84 countries with annual sales of US$196 billion. To discover more, please the official website and the official blog.

Kate

Kate is a staff writer at LetsTalkPayments.com., , She likes to write about mobile payments and mobile commerce.

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