Samsung Pay Promotion
An official from Samsung Electronics said on December 14, “We have decided to pre-install Samsung Pay in Samsung Electronics’ smartphones to be released from next year.” The company will pre-install its mobile payment service in all Samsung devices except for some low-end models.
During a press conference in August, Koh Dong-jin, president of the mobile business division at Samsung Electronics, said, “When reducing costs, we think that fingerprint sensors can be installed from medium-priced products. We are considering mounting fingerprint sensors from the Galaxy J series.”
Samsung Pay made its first debut with the release of the Galaxy Note 5 and Galaxy S6 Edge Plus in August last year
Currently, Samsung Pay is available in seven countries – the U.S., Spain, Brazil, Singapore, Australia and China as well as South Korea. It will be also launched in Russia, Thailand and Malaysia by the end of the year. The mobile payment service is now in partnership with more than 500 major banks around the world and global leading credit card companies, such as American Express, UnionPay, MasterCard and Visa, as well as Alipay. Samsung accumulated 2 trillion won (US$1.71 billion) in transactions at home in August in a year since its launch.
Samsung Electronics is also preparing to release “Samsung Pay Mini,” an application that enables consumers to use its mobile payment system via other smartphones. Samsung Pay Mini plans to target the online payment market, while the existing Samsung Pay targets the offline payment market. Out of the cumulative domestic transaction of 2 trillion won (US$1.71 billion) as of August, Samsung Pay accounted for a relatively low share at 500 billion won (US$428.08 million). Therefore, Samsung is expected to improve its online payment market power through Samsung Pay Mini.