Samsung Pay lines up card schemes and banks for launch
13 August 2015 | 14547 views | 1
Samsung will introduce its mobile payments service in South Korea later this month, with Visa, MasterCard and several major banks onboard for a US launch in September.
The handset manufacturer confirmed at an event to unveil the Galaxy S6 edge+ and Galaxy Note5 devices that Samsung Pay will arrive in Korea on 20 August and the US on 28 September. The UK, Spain and China will follow.
Samsung Pay will be preloaded on select Galaxy S6 edge+ and Galaxy Note5 devices and a free software upgrade will be rolled out beginning mid-August to bring the service to Galaxy S6 and S6 edge phones.
Users will be able to activate their credit, debit, reloadable prepaid and small business cards in the Samsung Pay service and use their mobile devices to make purchases at contactless and magstripe terminals.
Samsung claims to have put together an impressive partnership ecosystem as it bids to get its service out to customers and take on the likes of Apple Pay and Android Pay.
The manufacturing giant has joined the Visa Digital Enablement Program to make it easier for card issuers to access the Visa Token Service and link up to Samsung Pay. A similar deal has been struck in the US for the MasterCard Digital Enablement Service platform.
Meanwhile, Samsung "anticipates" working in the US with American Express and Discover and major banks including Bank of America, Chase and US Bank, as well as First Data, Synchrony Financial and Tsys.
In Korea all major Korean card companies, including Samsung Card, Shinhan Card, KB Kookmin Card, Hyundai Card, Lotte Card, NH Nonghyup Card, BC Card, Hana Card, Woori Card and Citi Card, are onboard.
InJong Rhee, global head, Samsung Pay, says: "The future of mobile payments has arrived. We are partnering with card networks, issuers and acquirers, and Samsung Pay will also be the first to support contactless payment for store-branded credit cards. The list of partners will only grow."