Samsung Pay will not charge local credit card companies any commission, bucking speculation it would follow Apple Pay's footsteps.
Apple Pay hasn’t had much impact on KakaoPay since its launch in March, according to KakaoPay on Monday.
Samsung Electronics is aggressively expanding its business in a cutthroat competition against Apple, with recent moves implying that it may start charging a commission for Samsung Pay and open another store in Seoul next month.
Card companies aren’t in a rush to team up with Apple Pay in Korea, citing the high commissions and an unclear profit model.
Samsung Pay and Naver Pay services will be interlinked from Thursday, Samsung Electronics announced Wednesday. The announcement comes a day after Apply Pay began service in Korea.
More than 170,000 users registered with Apple Pay in Korea on the first day it was available in the country, causing unexpected disruptions.
Apple Pay will be available in Korea on a limited basis from Wednesday in a pilot roll out, according to local reports. It has entered into an agreement with Hyundai Card so that the service can be used at a number of chains and large stores.
Hyundai Card has filed terms of conditions for an Apple Pay service in Korea with the financial regulator.
Apple Pay can be used just about everywhere. In Asia, the service works in Japan, Singapore, Taiwan, Malaysia, Hong Kong and Macau.
Samsung Electronics has released a Samsung Pay Card tailored for users of the payment service integrated into its mobile devices.
Korea JoongAng Daily Sitemap