[Courtesy of Samsing Pay's official website]
Every South Korean commercial bank will link their ATMs to “Samsung Pay” starting from 2016. All Samsung Pay users will be able to use the mobile payment service on every ATMs and retail stores nationwide.
According to a report by Korean IT news specialists “Etnews”, Korean banks are in process of linking their service with Samsung Electronics so that the users of Samsung Pay can withdraw or make payments without any credit cards or debit cards.
Samsung Pay, a service using smartphones equipped with Magnetic Security Transmission (MST) method, emits magnetic signals so that commercial magnetic card readers can think that it’s reading an actual magnetic stripped credit card or debit card. Samsung Pay is available only on Galaxy Note 5, Galaxy S6 and Samsung’s latest smartphones.
Currently, Samsung and Woori Bank are providing “Woori Samsung Pay” which allows withdrawals and payments up to KR\ 500,000, since August. But the exclusive contract between Samsung and Woori Bank is to end in March next year, Samsung Electronics is pushing hard to expand its service linkage with major banks.
Once Samsung Pay is linked with all banks in Korea, it will definitely step up to be the leading mobile payment system as its users are provided with its service anywhere the former magnetic strip credit cards or debit cards were used.
아주경제 박세진 기자 = swatchsjp@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
