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Samsung Pay to add support for local currencies in South Korea

Wednesday 5 May 2021 14:04 CET | News

South Korean province Gyeonggi-do has signed an agreement with Samsung to develop a platform enabling users to load local currency into Samsung Pay.A total of 31 cities and counties across Gyeonggi province have their own currency that can be used to make purchases at local merchants with the aim of encouraging consumer support for small businesses. Some districts issue the currency as physical cash, but most provide it on a prepaid physical card that can be uploaded to Google Pay. Three districts have already launched a local currency in digital form.

According to South Korean publication Money Today, by using this platform, Gyeonggi local currency will be installed in the Samsung Pay Simple Payment App so that payment can be made by touching the mobile phone to the card payment terminal without a physical card or branch-type local currency.


 


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Keywords: expansion, mobile payments, POS, contactless payments
Categories: Payments & Commerce
Companies:
Countries: Korea, Republic of
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