Samsung’s mobile payments are now used in banking

Samsung Electronics’ mobile payment system is moving to expand into the banking sector and offer more services to users, the tech giant said Sunday.

The company said that starting Thursday, the payment system installed on some of its newer smartphones can be used to carry out transactions at some local banks.

With the upgrade, 9 million domestic users of Samsung Pay will be able to withdraw or send money from accounts at Shinhan and Woori banks. This can be done by downloading a dedicated app on their smartphones.

The system makes full use of the iris scanner on its top-of-the-line phones, and users will no longer be required to present bank books or ATM cards.

The sending of money doesn’t require the one-time passwords needed in systems in the past.

Samsung said it plans to expand the services to other local banks.

“Mobile payments are being developed so they will one day fully replace a person’s purse or wallet,” a Samsung executive said.

LG Pay, set up by Samsung’s main domestic rival LG Electronics, said it is moving to expand its services in more stores across the country.

YONHAP