Samsung partners with Bank of Korea

Monday 15 May 2023 13:52 CET | News

South Korea-based company Samsung has announced its partnership with the Bank of Korea to launch wire transfers to Galaxy smartphones and smartwatches. 

Samsung announced that it signed a Memorandum of Understanding (MoU) with the Bank of Korea in order to collaborate with the financial institution during the process of technical research for offline central bank digital currency (CBDC). 

The research is set to bring secure, efficient, and seamless wire transfers and payments to Samsung Galaxy smartphones and smartwatches, through the form of digital currency issued by the country’s central bank. 

Customers will be able to use their Galaxy phones and smartwatches to make money transfers and payments without needing to connect to the internet. Additionally, the devices that will have the CBDC tool will also be incorporated with an EAL (Evaluation Assurance Level) 6+ grade hardware certificate. 

Samsung signed the MoU during an official ceremony that was held in the Samsung Digital City in Suwon, South Korea. Both companies mentioned that they still research the CBDC, as the priority is still on the security and efficiency of their products. 

The Bank of Korea conducted a second pilot study on CBDC, where, accompanied by Samsung, it tested device-to-device money transfers via NFC. The solution was designed with eSE (embedded Secure Element) security chip that was included in the Galaxy devices to reduce security risks and ensure that payments can be reliable during emergencies. 

South Korea-based company Samsung has announced its partnership with the Bank of Korea to launch wire transfers for Galaxy phone customers.

Samsung’s strategy of development

The company had multiple partnerships and product launches in the last couple of months, covering multiple geographical areas. 

In April 2023, Samsung Electronics opened a new online store for its B2B clients in Germany, aiming to expand to 30 more countries around the world in the near future. Samsung’s B2B online store offers multiple solutions and products to its clients, including purchase benefits, all dedicated to small and medium-sized enterprises (SMEs). 

The Samsung B2B online store was built to accept various payment options for businesses and companies, such as instalment payments and invoice payments. Users can benefit from exclusive corporate-only features and promotions, discounts that can be applied to the total purchase amount, and technical support. 

Earlier in February 2023, Samsung Pay partnered with South Korea-based mobile payments provider Naver Pay to strengthen each other’s businesses across the country. The new business agreement was set to promote the companies’ mobile payment experiences, as Samsung and Naver focused on making digital payments more efficient, convenient, and safe for their clients. 

In January, Samsung announced its decision to merge its mobile payment service, Samsung Pay, and password management app, Samsung Pass, into a single product, Samsung Wallet, which was set to launch in India. 

Following the introduction of the new service, customers were given the possibility to Tap and Pay or UPI with Samsung Pay, store their digital IDs in one place, as well as to make their Wallet passwords with Samsung Pass. 

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Keywords: partnership, mobile payments, online payments, digital signature, payments , contactless payments
Categories: Payments & Commerce
Companies: Bank of Korea, Samsung
Countries: Korea, Republic of
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Payments & Commerce

Bank of Korea



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