Samsung to launch mobile money transfers in South Korea

Thursday 30 October 2014 09:22 CET | News

Samsung Electronics has unveiled that it will launch a mobile money transfer service at the end of 2014, online media outlet Korea Bizwire reports.

According to the source, the service will be launched in partnership with Yelopay, a mobile payment service provider, and other six banks in South Korea.

Like Bank Wallet Kakao reportedly starting its service in November 2014, users can send up to 100,000 KRW (approximately USD 94.807) at a time through the service platform.

Until now, the six financial institutions including Kookmin, Shinhan, Woori, Nonghyup, Citi and Korea Post Office reportedly have announced collaboration with the electronics company, but it plans to expand to all financial organizations.

In order to use the service, users should download the Samsung Wallet app from Google Play Store on their mobile phone, and then upload their account information to the device via the mobile app. Samsung Wallet, which used to be used only for coupon services and app cards, is now transformed into the fintech service platform.

In recent news, mobile payments provider Bango has signed a global agreement with Samsung Electronics.

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Keywords: Samsung, mobile, money, transfers, Yelopay, South Korea, Bank Wallet Kakao, Kookmin, Shinhan, Woori, Nonghyup, Citi, Korea Post Office, Samsung Wallet, app
Categories: Payments & Commerce
Countries: World
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