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Samsung’s mobile payments are on the horizon in South Korea

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Samsung Electronics and Naver are stepping together on the trend to heat up the tough competition in the mobile payment services sector. 

The Korean giants surprised people with their recent statement regarding the launch of a mobile payment service in cooperation with a local mobile payment service provider, Yelopay, and six commercial banks, which are as follows:

  • Kookmin Bank, Shinhan Bank, Yoori Bank, NH Nonghyup Bank, Citibank, and Korea Post. 

It is stated that this new mobile payment service will start by the end of this year. Samsung also stated that its service would be available on its official website, as well as a pre-installed app called “Samsung Wallet” for remittance and payment functions. The giant also stated that transfers would be available only between Samsung smartphone users, without any commission charged. 

Samsung also worked with card brands, which include Samsung Card and Shinhan Card, to connect their mobile credit card applications so that Samsung Wallet can support both online and offline payments using mobile devices. Apart from this no more information Samsung has revealed yet. 

Back on October 9, LINE, a Japanese mobile operator allied with Naver, announced a new mobile payment service called “LINE Pay,” and the brand stated that the service would be provided on its instant mobile messenger service, “LINE,” which also supports mobile payments and bank transactions. 

On the other hand, Daum Kakao, a South Korean internet company formed by the merger between Daum Communications and the original Kakao Inc. and the operator of the nation’s largest instant mobile messenger service, Kakao Talk, launched its mobile payment service, Kakao Pay, on Sept. 5.

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