November 22, 2024

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[THE INVESTOR] Samsung Electronics said Dec. 10 that its mobile payment system will offer more diverse services to users in order to expand into the banking sector.

Starting Dec. 14, the firm‘s digital payment system Samsung Pay installed on some of its newer smartphones can be used to carry out transactions at some local banks.

“The mobile payment is being developed so that it will one day fully replace a person’s purse of wallet,” a Samsung executive said.

The upgrade will enable its 9 million domestic users of Samsung Pay to withdraw or send money from accounts in Shinhan and Woori banks. The system makes full use of the iris scanner on its top of the line phones, with users no longer required to present bank books and ATM cards. The sending of money can be done without the use of one time password systems.

Samsung said it plans to expand the same services to other local lenders.

By Park Han-na and news wires (hnpark@heraldcorp.com)