Transactions just got easier as Samsung Electronics Co.'s mobile payment system is expanding its frontiers into the banking sector. The South Korean telecommunication giant announced on Sunday that this move is to offer more diverse services to its users. Samsung announced that by Thursday, the payment system installed on some of the newer smartphone models can be used to execute transactions at local banks.
This upgrade will offer the 9 million domestic users of Samsung Pay, the smart option of using their phones like cash or credit cards, at ATMs, and the ability to send or withdraw money from accounts in Shinhan and Woori banks in South Korea. This option is made available when users download a dedicated app (Samsung pay) on their smartphones.
Samsung pay makes full use of fingerprint authentication and the iris scanner available on it's top of the line phones, offering security for payments. There is no need for bank books and ATM cards. With Samsung pay, the sending of money and countless payments is made easy without the use of one-time password systems.
Samsung also announced its plans of expanding the same services to other local lenders. A Samsung executive revealed that the mobile payment is being developed to fully replace a person's purse or wallet someday.
Samsung's main domestic rival LG Electronics Inc has also set up LG Pay an expansion related to Samsung Pay. LG Electronics Inc announced its move to expand its services to more stores across the country. It plans to introduce the payment system feature into mid-range phones from next year. Since the payment system is only available on its prime phones such as the V30.
This is a guest post by Asseh Rebecca.