Payment Methods

Samsung Malaysia Inks Bank Deals To Expand Samsung Pay

Samsung Malaysia Electronics announced Friday (Feb. 26) that it inked partnerships with several banking players as part of its move to expand Samsung Pay’s ecosystem in Malaysia.

According to Samsung, CIMB, Citibank and Standard Chartered are now partners in Samsung’s mobile payment service Samsung Pay, with Hong Leong Bank expected to join soon. The partnership means these banks can give their customers with eligible payment cards the ability to use digital mobile payment experiences. What’s more, Samsung said the partnership enhances its existing collaboration with Maybank and the expansion of its affiliation with payment networks Mastercard and Visa and loyalty card partners B Infinite, Bonuslink and Sunway Pals.

“Samsung Pay is a robust mobile payment platform that not only supports the shift towards digital wallets today, but provides a conducive and future-proof avenue for secure ePayments in Malaysia,” said Lee Jui Siang, vice president of the Mobile and IT Business Unit, Samsung Malaysia Electronics, in a press release. “As Samsung has done with other markets, we have taken a customized approach to our launch in Malaysia, collaborating with key partners to turn swift and secure mobile payments into reality for our users. We are proud to call leading financial institutions and merchants our partners and to introduce Samsung Pay as the most widely accepted mobile payment service in Malaysia. We are working tirelessly to ensure that Samsung Pay is here to stay and this includes our future plans to boost the service through loyalty programs.”

Thomas Ko, vice president and global GM of Samsung Pay, Samsung Electronics, added in the press release that while Samsung is launching the service, it has to be aware of consumer expectations and ever-changing needs. “More and more, consumers are not just looking for a payment service, but an upgrade to their wallets to create a truly digital experience for everyday transactions and activities,” said Ko. “We envision that Samsung Pay will continue to push the boundaries of what is capable with a phone and create a truly mobile wallet.”


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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