Samsung's mobile payment service “Samsung Pay” will partner with PayPal, the world's largest online payment platform, to expand its customers.
According to Samsung Electronics on July 17, Samsung Pay cut a strategic partnership deal with PayPal and decided to link PayPal accounts to the Samsung Pay mobile payment platform. Via this strategy, Samsung Pay will expand its customer base by partnering with PayPal, which is used by more than 200 million people, and PayPal will generate synergies by expanding offline payment areas.
According to the partnership, when Samsung Pay users register their PayPal accounts in Samsung Pay, they will be able to use PayPal at online and offline merchants. Payment via Samsung Pay using PayPal accounts will start in the US as early as this year and will expand to other countries in the future.
"PayPal will work with technology leaders such as Samsung to provide a mobile payment experience that is convenient for hundreds of millions of users wherever they shop," said Bill Ready, chief operating officer at PayPal.
Samsung Pay is currently focusing on its global markets, providing customized services such as membership, loyalty cards, gift cards, and transportation cards as well as offline payment by working with local partners in 18 markets including the US, Brazil and China. Markets in which Samsung Pay began its service this year total nine including Thailand, India, Sweden, the United Arab Emirates (UAE) and the UK.