Accumulated payments with Samsung Pay surpass W10tn — The Korea Herald — “Accumulated payments made with Samsung Pay surpassed 10tn won (US$8.77bn) in two years since the mobile payment service was launched, Samsung Electronics said Sunday. Use of the mobile pay service nearly quadrupled in a year after reaching 2tn won in the first year.”
South Korea
Kakao Bank attracts more than 1m accounts in five days
Kakao Bank attracts more than 1m accounts in five days — The Korea Herald — “Kakao Bank was launched by Kakao Corp, the operator of South Korea’s most widely used mobile messenger Kakao Talk. Users can open accounts easily with a mobile phone number and ID card without having to visit a conventional bank branch.”
LG Pay to be used for low-budget smartphones next year
LG Pay to be used for low-budget smartphones next year — Korea Herald — “‘We will expand the use of LG Pay into low-budget smartphones alongside premium phones next year,’ Cho Jun-ho, president of LG’s mobile communication division said during a meeting with local bloggers on Friday… Cho said the use of LG Pay will expand into online stores and the global market, although he did not elaborate the specific date.”
Android Pay to debut in August in Korea
Android Pay to debut in August in Korea — Business Korea — “At present, every one of the eight credit card companies in the country is discussing a joint Android Pay service with Google.”
KT introduces ‘mother of all credit cards’
KT introduces ‘mother of all credit cards’ — Korea Herald — “Dubbed ‘Clip Card’ the device looks like credit and debit cards issued by financial institutions, but it has a 1.3-inch display on the surface of the card that enables users to register all their cards, which are displayed in barcodes… The KT platform is compatible with all types of credit cards regardless of card companies and financial institutions, and with any operating systems.”
KISA to unveil bio authentication for mobile banking in 2018
KISA to unveil bio authentication for mobile banking in 2018 — Korea Herald — “Korea Internet & Security Agency is developing bio authentication for mobile banking to commercialize it by late 2018… The biometric authentication reads heart rates and electrocardiograms on a user’s smartwatch, which sends the information to his or her smartphone. The smartphone is then unlocked with the user’s fingerprint which enables the use of mobile banking.”
Samsung Pay adds Bixby voice-controlled banking in South Korea
Samsung Pay users across South Korea can now use the Bixby artificial intelligence feature in Samsung Galaxy S8 and S8 Plus handsets to conduct transactions with their voice, including completing peer-to-peer (P2P) transfers and finding out their account balance... More
LG Pay goes live in Korea with Wireless Magnetic Communication technology
LG has announced the launch of its LG Pay mobile payments service in Korea, allowing consumers with the LG G6 smartphone to make mobile payments using the service’s Wireless Magnetic Communication (WMC) technology... More
LG Wallet trademark hints at an Android Pay rival
LG Wallet trademark hints at an Android Pay rival — Techradar — “LG has applied to trademark the term LG Wallet in both the US and South Korea, describing it as ‘computer software, namely, electronic financial platform that accommodates multiple types of payment and debt transactions in an integrated mobile device’.”
7 in 10 mobile payment users cite security concerns: report
7 in 10 mobile payment users cite security concerns: report — Yonhap News — “Nearly seven out of 10 South Koreans using mobile payment services cited security concerns… According to the report by market researcher DMC Media, 68.8% of the users were satisfied with using financial services via mobile platforms… 88% of the adults had used some sort of mobile payment tool in the past six months, up 8.8% from a survey conducted a year earlier.”
Lotte Card introduces ‘pay with your palm’
Lotte Card introduces ‘pay with your palm’ — Korea JoongAng Daily — “Lotte Card’s Hand Pay allows customers to pay using an individual’s distinct vein pattern on the palm as identification… Hand Pay maximizes convenience when paying because customers do not need credit cards or even smartphones.”
Samsung Pay rolls out across Hong Kong following early access launch
Samsung Pay has gone live in Hong Kong with support from Mastercard, Visa and American Express and banks including Bank of China (Hong Kong), Citibank, DahSing Bank, DBS and Standard Chartered. The launch takes the mobile payment service to a total of 17 markets globally and follows its debut in Taiwan earlier this month. More
Samsung Pay goes live in Taiwan with seven banks
Samsung Pay has been launched across Taiwan with support from Visa and Mastercard along with seven major banks including Citibank, Cathay United Bank, E.Sun Commercial Bank, Taishin International Bank, Fubon Bank, Union Bank of Taiwan and Standard Chartered. The service supports iris scan authentication for those with Samsung Galaxy S8 and S8+ devices. More
Galaxy S8 gets Gemalto secure element to support Samsung Pay
PARTNER NEWS: Digital security giant Gemalto’s embedded secure element (eSE) solution is to be integrated into Samsung Galaxy S8 devices to support the deployment of Samsung Pay — including for transit and ticketing services — in select markets. More
Samsung Pay rolls out to Gear S3 in Korea as Samsung Pay Mini launches
Samsung Pay is now available on the Gear S3 smartwatch in Korea and Samsung Pay Mini — the pared-down version of the mobile payment service — has also gone live in the country... More
Samsung Pay launches in Sweden and the UAE, enters early access in Hong Kong and Switzerland
Samsung Pay has expanded to four additional markets with official launches in Sweden and the United Arab Emirates (UAE) and early access launches in Hong Kong and Switzerland. The service has also been made available on Samsung’s Gear S3 smartwatch in Russia, Sweden and the UAE in addition to its availability on the Gear S3 in the US, Singapore and Australia. More
Bank of Korea signs up retailers for coinless society trial
The Bank of Korea (BOK) has signed up retailers including CU, 7-Eleven, E-Mart, Lotte Mart and Lotte Department Store to begin trialling a service that will give customers change in the form of a top-up to a prepaid card... More
Android Pay links to mobile banking apps to simplify setup process
Android Pay has been integrated into the mobile banking apps of “several banks around the world” so that users can add their cards to the mobile payment service with “just the click of a button”. The feature will also work for those who have not installed Android Pay on their handset, giving them access to “the capabilities of Android Pay” without having to leave their mobile banking app. More
Samsung Pay opens early access phase in the UAE
Samsung Pay has launched an early access program in the UAE with support from Mastercard and Visa and a number of banks including Mashreq Bank, ADCB, Rakbank, Emirates NBD, Standard Chartered and NBAD... More
Samsung Pay expands on online payments plan
Samsung Pay will be available for online payments at “hundreds of thousands of merchants around the world” where Visa Checkout is accepted later this year. The news follows an announcement by the company’s Justin Denison at Samsung Unpacked 2017 last week that the service was heading online through “strategic partnerships”. More