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Samsung Pay to remain free to lessen Apple Pay’s expansion
Samsung Pay is a popular online payments platform in South Korea. Earlier, Apple Pay launched in the market, which is becoming the second biggest option for consumers who have iPhone devices. As part of lessening Apple Pay’s expansion, Samsung Pay will remain free.
Earlier, Samsung announced that it will not charge any fees to card issuers in South Korea for the Samsung Pay service. KoreaHerald reports that the company will soon sign a new contract with card companies, however, the details regarding the duration or terms of the new agreement are not clear.
South Korean credit card issuers welcomed Samsung’s decision.
“We have decided to keep Samsung Pay commission-free,” a Samsung official said in a statement. “Samsung Electronics is dedicated to enhancing the development of the domestic payment ecosystem by maintaining ongoing partnerships with local card companies, all while delivering the finest Samsung Pay service to consumers.”
Samsung Pay is Korea’s top offline mobile payment provider with a market share of 23.5 percent in the first half of last year in terms of users’ transactions. It also accounted for about 80 percent of all offline digital payment transactions here.
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