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Visa overseas payment service from the 27th
So far, only Mastercard is supported.In fact, payment can be made at most overseas stores
4 domestic affiliated card companies… “Plan for further expansion”Against the launch of Apple Pay in Korea
Part of Samsung Pay’s ‘usability expansion’
While Apple Pay launched its service in Korea and started targeting the Korean market, Samsung Pay seems to be doing its best to expand the usability of Samsung Pay, including expanding overseas payments.
According to the industry on the 21st, Samsung Electronics will add Visa overseas payment service to Samsung Pay from the 27th. Samsung Electronics recently informed users of service changes, including these contents.
Once the service starts, users of Samsung, Woori, Lotte, and Nonghyup cards can register overseas cards with the Visa logo on Samsung Pay, and make payments overseas just by holding their smartphone to the terminal without a physical card. Until now, only Mastercard brand cards were able to make Samsung Pay overseas payments.
“Available for payment at most overseas stores”
With the expansion of this service, users of the affiliated cards are expected to be able to pay with Samsung Pay at most overseas stores. Visa and Mastercard process more than 90% of card payments worldwide.
Another advantage is that payment can be made with both a magnetic secure transmission (MST) terminal that uses a magnetic card to pay and a near field communication (NFC) terminal.
Among domestic credit card companies, there are still only four that support Samsung Pay overseas payments: Samsung Card, Woori Card, Lotte Card, and Nonghyup Card Card. Samsung Pay started overseas payment service with Samsung Card in September 2020, five years following its launch, and gradually expanded its affiliates. In particular, it is driving the expansion of overseas payment services by adding three affiliates only between October and December of last year.
A Samsung Electronics official said, “We plan to actively expand additional card companies that support Samsung Pay overseas payments.”
Naver Pay integration is expected to start this week
There are also opinions that interpret the expansion of Samsung Pay’s overseas payment service as part of a ‘defensive war’ in response to the launch of Apple Pay in Korea. The plan is to further strengthen Samsung Pay’s competitiveness by increasing the usability of Samsung Pay not only in Korea but also abroad. The industry believes that Apple Pay can bring cracks not only to the domestic offline simple payment market dominated by Samsung Pay, but also to the smartphone market, which was ‘Samsung’s vegetable garden’.
Samsung Pay is working hard to expand its functions as a wallet as well as simple payment. Mobile ID cards, digital keys, and performance tickets can be added to Samsung Pay, which was only recognized as a payment method. From the 27th, student ID and bus boarding pass functions are also provided. However, it seems that additional student IDs can be added only to student IDs affiliated with Hana Card.
Samsung Pay previously joined hands with Naver Pay, which is strong in online payments. As early as this week, Samsung Pay users will be able to make simple payments with Samsung Pay at 550,000 Naver online merchants. Samsung Pay is also discussing a service alliance with Kakao Pay, which has a powerful platform called KakaoTalk.
Reporter Binnansae [email protected]
