Samsung’s mobile payments are now used in banking

Home > Business > Industry

print dictionary print

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

More in Industry

[SHORTCUT] Is 2021 the year electric vehicles go mainstream?

Lobby groups call for leniency for Samsung's Lee

Thousands claim fraud after buying items via social media

No dial tone for 2G services on LG U+ starting in June

Ironing out an air corridor took decades

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now