Samsung Pay Card takes online payment system offline

Home > Business > Industry

print dictionary print

Samsung Pay Card takes online payment system offline



Samsung Electronics has released a Samsung Pay Card tailored for users of the payment service integrated into its mobile devices.
The tech giant said Monday that the credit card, offered in partnership with affiliate Samsung Card, is designed to offer loyalty programs and points when users use the payment service at stores partnered with Samsung Pay.
Interested users of the payment service can apply for the card starting Monday and track their balance and make monthly payments on the existing platform.
With a 15,000 won ($13) annual fee, cardholders will be entitled to 1 percent cashback on purchases at brick-and-mortar partnered retailers and 1.5 percent cashback online.  
As well as regular Samsung Pay payments, the Mastercard allows users to make transactions overseas using Samsung Pay.
Mastercard users will be able to receive 5 percent discounts on overseas transactions based on the payment service.  
Industry insiders anticipate a different set of Samsung Pay-linked products and partnerships to generate the so-called “lock-in” effect, making it hard for existing users to leave the service.  
Samsung Pay is one of the largest payment services in Korea with 19 million users as of August. Accumulated transactions total 80 trillion won, according to Samsung Electronics.  

More in Industry


Big business recoils at new legal legislation

Hyundai Mobis has developed a hydrogen-powered forklift

Asiana adapts passenger plane to carry more cargo

Eastar Jet CEO threatens to sue pilot union for libel

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