Samsung Pay Now Enables Money Transfer

Samsung Electronics announced that its mobile payments system, Samsung Pay, will now offer money transfer services at some Korean banks.

According to The Investor, starting on Dec. 14, Samsung Pay users will be able to withdraw or transfer money from Shinhan and Woori bank accounts.

The app already provides ATM deposit and withdrawal services at 10 banks, including KB Kookmin Bank, through biometrics without an official certificate or one-time password.

“Previously, when you registered an account on the app, you could only make deposits and withdrawals from ATMs. However, you can now transfer money by just utilizing the app,” said a Samsung official.

In addition, five banks – including Industrial Bank of Korea, NongHyup Bank and Saemaul Bank – will begin ATM deposit and withdrawal services through its Samsung Pay Mini app for Android OS smartphone users.

Samsung Pay is the top mobile payment system in Korea, with cumulative payments amounting to 8 trillion won (US$7.32 billion). As it continues to expand its mobile banking platform through the support of local banks, rivals such as Google and Apple are expected to enter the domestic market with Android Pay and Apple Pay, respectively.