Samsung Electronics has announced its intention to push into the mobile payment space with their own service offer in cooperation with local m-pay services provider Yelopay. The mobile service is also offered in partnership with Kookmin Bank, Shinhan Bank, Yoori Bank, NH Nonghyup Bank, Citibank and Korea Pos when it launches in 2015, with plans to seek additional banking partners as the service rolls out.
The “Samsung Wallet,” application will come pre-installed on all Samsung Electronics’ Galaxy smartphones and is geared to support both remittance and payment functions.
In its initial offering, the new mobile wallet will only facilitate transfers between Samsung smartphone users, but those transfers will come without commission fees.
Samsung’s announcement followed immediately on the heels of a similar announcement by the Japan-based mobile service affiliate of the nation’s largest Internet service provider Naver.
The service “LINE Pay.” will allow for mobile payments and bank transactions through their social messaging applicaiton LINE
“We plan to launch the mobile payment service within this year, although the exact schedule is not yet final,” Naver chief financial officer Hwang In-joon said on Oct. 30.