Apps & Services
Samsung Pay Maintains Commission-Free Approach to Counter Apple Pay
Samsung announced at the moment that it will not charge local credit card corporations and commissions. It is roaring in the news that the company is bucking the hypothesis and is following in Apple Pay’s footsteps.
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This step comes after two months; Samsung Pay delivers notice to the companies regarding not reopening the current contract at this moment in time. The company said in the release it has decided to commission free Samsung Pay.
According to a report in the Korea Herald, Samsung, for those countries in agreement with Samsung Pay, will not charge any kind of fee. With this step, the South Korean company is trying to compete with Apple Pay. Apple released its own Apple Pay in South Korea a few weeks ago, and as usual, Apple charges only 0.15% for each transaction. After that, it was expected that Samsung would introduce free transactions and also update its terms and policies for the agreements.
Samsung gave an official statement that Samsung Electronics wants to give an amazing Samsung Pay facility to the consumers and maintain an occurring partnership with local card companies.
In South Korea, local corporations were worried about Samsung Pay turning into a paid service. It is estimated that if such a situation arises, they have to annual commission between $55 Million to $79 Million. Also expected that some of the charges would make it to card users. After South Korea, it is expected in other countries also that this scheme will come soon if Samsung Pay is available.