Samsung mobile payments service expanding to new markets

Samsung Pay

Samsung Pay Samsung’s mobile payments service Samsung Pay will be launching later in the second half of this year to users of Samsung devices like the Galaxy S6 and S6 Edge. Samsung Pay, announced in late February, is powered by the technology acquired when Samsung bought the mobile payments startup LoopPay. Initially, it would be available in the United States and Korea. Now we have confirmation from the company that it would also be expanding availability of the service to several new markets.

Europe and China are earmarked as the first markets outside the US and South Korea with South America and Australia said to be next in line. As expected, there’s no word about availability of the service in emerging markets yet. In such markets, the uptake of credit and debit cards is not high even though mobile phone penetration is high and smartphone adoption is on the rise.

Samsung Pay will enter the market at a time when Android M will have just started rolling out. Android M comes with Google’s new mobile payments service, Android Pay, a direct rival of Samsung Pay. Samsung Pay’s main competitor at the moment is Apple Pay.

Photo: Stuff TV

Source: Reuters