‘Samsung Pay’ mobile wallet service launched in South Korea

‘Samsung Pay’ mobile wallet service launched in South Korea

According to reports, bigwig device manufacturer Samsung has announced the launch of its 'Samsung Pay' mobile wallet service in its home country --- South Korea. The 'Samsung Pay' service will soon be launched in the US as well.

The 'Samsung Pay' mobile wallet service will chiefly challenge the Apple Pay mobile payment platform, which was launched by US tech giant Apple in 2014.

With the launch of the 'Samsung Pay' mobile wallet service in South Korea, and the imminent rollout of the service in the US, Samsung will basically try to convince shoppers to make in-store purchases with the help of their smartphones, rather than plastic cards.

Samsung will also make efforts to "out-Apple" Apple Pay, especially since the technology which forms the basis of the 'Samsung Pay' mobile wallet service works with a higher number of existing payment terminals. Speaking in more specific terms, Samsung's technology is capable of interacting with magnetic stripe readers, which are still quite widely used in South Korea as well as the US.

Meanwhile, so far as the expected adoption of the 'Samsung Pay' mobile wallet service is concerned, Thomas Ko - Chief of Samsung Pay - told the BBC's Michelle Fleury that it is for the consumers to decide whether they want their wallets to be replaced by smartphones while paying for in-store purchases.

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