Samsung Pay-linked services cannot fight credit card companies

Monday 20 December 2021 09:20 CET | News

Samsung’s electronic payment service, Woori Card and Lotte Card have announced will end their Samsung Pay-linked services due to low utilization rates.

The news comes after Samsung Card decided to sail away from Samsung Pay, terminating its operations in July 2021. On the other hand, Hyundai Card is willing to extend its contract with Samsung Pay, offering clients an alternative payment method to regular credit card companies.

According to Samsung Electronic officials, credit card companies will only provide the Samsung Pay service after acquiring magnetic secure transmission (MST) licenses starting of 2022, which will lead the burden of fees fall onto the credit card companies for those using a link-type method.  

Companies Shinhan Card and KB Kookmin Card are now offering the Samsung Pay service after directly acquiring MST payment licenses from Samsung Electronics.

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Keywords: Samsung Pay, Samsung, online payments, credit card, mobile payments
Categories: Payments & Commerce
Countries: Asia
This article is part of category

Payments & Commerce