Samsung Pay will charge credit card companies: No more free service

Samsung Pay is the Korean firm Samsung’s mobile payment and digital wallet service that lets users make payments using compatible phones and other Samsung-produced devices. Previously, the Korean firm kept this service free for customers as well as credit card companies, but after the launch of iPhone-parent Apple’s Apple Pay, Samsung seems to make changes in some of its terms. Let’s know what major change it has made.

As per the reports, Samsung Electronic has recently revealed, from now on, all the credit card companies in South Korea should pay for the Samsung Pay service, as it is no longer free for them. However, let us tell you, at first, they will only charge credit card companies in the South Korean region; afterward, these terms will extend to the other regions as well (only in those regions where Samsung Pay is available).

Let us tell you Samsung Pay was first introduced back in the year 2015. It’s been eight years since Samsung is offering the Samsung Pay service for free for over 16 million users. Unfortunately, these no-more-free service reports sure aren’t beneficial for credit card companies. It is possible to cut their costs and pay the charges; they may reduce the benefits they used to offer when Samsung Pay was free of cost for them.

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Informatively, the contacts between Samsung and credit card companies are currently autonomous, and if the charges were passed on to the Samsung Pay customers, it would surely intervene with the matter. However, whatever the credit card companies decide will be notified to the users as time passing. So, if we get any other report regarding this matter, we will share it with you through our upcoming articles.