Samsung Pay may charge Fees for Transactions to compete with Apple Pay

Samsung Pay, the popular mobile payment platform, may soon start charging a fee to its users to compete with its rival, Apple Pay. Samsung Pay has been gaining popularity in recent years thanks to its wide range of compatibility with Galaxy devices and its ability to work with NFC and MST technologies.

The company is reportedly considering charging users a fee for its services in Korea, which could help it generate additional revenue while differentiating itself from Apple Pay. But will Samsung’s decision to start charging a fee impact the loyalty of its current users, or will it succeed in attracting new ones? Only time will tell.

Apple and Samsung Electronics are rumored to impose payment fees on them, and many other payment service providers, including Naver Pay and Kakao Pay, are expected to follow suit as a new revenue model, according to the financial authorities who recently stated that Apple Pay fees of 0.1 percent to 0.15 percent could be imposed on not only customers and businesses but also credit card companies.

Samsung Electronics has not yet commented on the situation. Samsung Pay, which was introduced in August 2015 and had more than 16 million users and a total transaction volume of almost 182 trillion won, is presently the biggest digital card payment service in South Korea.

As per the report – “Samsung Electronics has run the free service in order to increase and retain Galaxy smartphone users, but Apple Pay is changing the market, and Samsung Electronics may consider charging,”