Samsung Electronics is preparing to launch a mobile wire transfer service in Korea.
It will combine the company's existing electronic wallet service Samsung Wallet with local mobile payment service company Yelopay.
Users will log in via the Samsung Wallet app on their smartphones, then interlock it with Yelopay to transfer money using saved financial information. It will officially launch sometime this year.
Yelopay currently offers users quick wire transfer using saved financial information, and has agreements in place with major local banks.
A Samsung spokesperson confirmed that the Korean tech giant is preparing the service, but declined to elaborate further.
It will compete with Daum Kakaos Kakao Pay when it launches.
Japanese mobile messenger company Line, owned by Korean search giant Naver, has previously announced its own mobile payment service called Line Pay in Japan, which many expect will also launch in Korea.