Samsung Pay could become paid service to take on Apple Pay in Korea

Earlier we have come to know that Apple to planning to release Apple Pay in South Korea. This will become a competitor to Samsung Pay, which doesn’t have any rival in the home country for years. Now to take on Apple Pay, it seems like Samsung could turn Samsung Pay into a paid service.

According to a recent information from Business Korea, the financial authorities say that Apple Pay fees of 0.1 percent to 0.15 percent can not only be charged to consumers and stores but also credit card companies.

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The report suggets that both Samsung and Apple are looking to impose payment fees on them. On the other side, many other payment services in the country, such as Naver Pay and Kakao Pay will also follow the suit as a new profit model.

It is worth mentioning that Samsung has not said any word on the matter, so we can not clearly say if the company will actually make Samsung Pay a paid service on not. However, if this is true, the company should soon declare it.

Moreover, Samsung’s payment service is currently the largest digital card payment service in South Korea. It was originally introduced in August 2015 and is now a family of over 16 million customers. Whereas, its cumulative payment is 182 trillion won or more.

Samsung Pay supports both magnetic secure transmission and NFC for safe payment. It is offering a free service to customers since its launch. The only fee it charges is the service initiation.

Revealing the information, an industry source said, “Samsung Electronics has run the free service in order to increase and retain Galaxy smartphone users, but Apple Pay is changing the market and Samsung Electronics may consider charging.”