Samsung Pay bank availability to expand in South Korea

The availability of Samsung Pay in banks in South Korea will expand as consumer awareness of the mobile payment solution increases.
Written by Cho Mu-Hyun, Contributing Writer

Samsung Pay is set to expand to multiple banks in South Korea following high-demand from consumers six months after the service launched, the company said.

The company's mobile payment solution has been available for use at Woori Bank's ATM machines, and was heavily promoted following its launch last year.

Woori Bank members with Samsung Pay-supporting smartphones are able to use them to activate readers in ATM machines and withdraw money.

The South Korean tech giant is in final talks with other banks who are demanding the service. Deployment is expected sometime this year, possibly by June. Samsung did not name the banks, but said availability will be announced soon.

"Our ultimate goal is to make Samsung Pay a complete payment solution for consumers. Since our deal with Woori, ease of use has been spread word-of-mouth among consumers so we will expand further to other banks this year," said an official from payment group at Samsung's mobile division.

The firm last week announced that the service now has 5 million users and processed over $500 million dollars in South Korea and the US since launching six months ago.

Samsung Pay is expected to launch in the UK sometime this year and the firm is in talks with Transport for London (TfL) to have the service available for buses and subway terminals.

The firm first launched support for readers in buses and subways in South Korea last year, following high consumer demand, in cooperation with local transportation payment vendor T-Money.

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