Samsung Electronics has jumped into the mobile payment market. With Samsung's entry, the competition among the world's major info-tech giants including Apple and Google has been kickstarted in earnest.
Samsung Electronics said on July 15 that it launched a pilot service of its "Samsung Pay" jointly with Samsung Card. The two companies selected 1,000 customers with Galaxy S6 and Galaxy S6 Edge smartphones as beta users who will be able to take advantage of the service beginning today.
Samsung said it would start the full service beginning in late August to September. The service will be provided through major credit card companies including Shinhan, KB Kookmin, Hyundai, Lotte, NH Nonghyup, BC, Woori, Citi, and Hana cards, as well as Samsung Card. The same service will be available in the United States in the latter half of the year, followed by Europe and China.
Google and Apple are also set to move into the Korean mobile payment market soon. Recently Google has completed registration as a payment gateway service provider. Analysts said Google's move was intended to launch its "Android Pay" service in Korea. Apple is also in talks with Korean credit card companies in order to introduce its "Apple Pay."
At home, Naver and Daum Kakao are busy strengthening their mobile payment business operations. Late last month Naver began its mobile payment service called Naver Pay, which allows users to make payments for goods and services as well as person-to-person fund transfers and point collection and recharge. KakaoPay launched by Daum Kakao is gaining users at a fast clip as it is linked with popular mobile messenger KakaoTalk. As of the end of June this year, the user numbers have surpassed 4.5 million.
