Samsung Pay in Korea is a roaring success. It is supported by only a few Galaxy phones, like Galaxy S6 edge, Galaxy S6, Galaxy S6 Edge+, Galaxy S7, Galaxy Note 5, and Free Galaxy S7 edge. Launched just a year ago, millions of customers in South Korea already have registered for this payment service through mobile and the sales is expected to show an upsurge with the launch of the company’s latest flagship phones.
Now Samsung Pay enables withdrawal of money from the ATM, without the use of a debit card as long as the customer has an account in the Woori Bank. It allows the users to pay for the services and goods by just waving the smart phone near the register.
Samsung Pay is not supported by other financial institutions or banks, but the company is striving hard to expand its business by offering support for more gift cards, membership cards, benefits programs, online payments and rewards. It is available in South Korea and the other two key markets of the company that include China and the United States. It is expected that Samsung Pay would be available in the countries of Spain, Canada, UK, Singapore, Australia and Brazil too.
The technology of Magnetic Secure Transmission of Samsung’s Pay permits this service to work even with the old card readers, which has given it an edge over its Android and Apple Pay rivals. The company has announced that later in the year of 2016, it would launch the Gear S2 smart watch that would support mobile payments without phones.
Samsung depends on the software of Google’s Android to run its tablets and smart phones. In the past, it has scrapped some of the services created, such as Milk Video and Samsung Media Hub. Its Tizen operating system has not done well either. Despite so many setbacks, Samsung Pay has been a huge success in South Korea so far.