SEOUL: South Korea’s No. 2 lender Woori Bank started accepting Samsung Electronics Co.’s mobile payment tool Monday, sources said, paving the way for the tech behemoth to expand the new business.
Nautilus Hyosung Inc., a banking technology firm, said Samsung Pay will be accepted at some 1,000 automated teller machines (ATMs) operated by Woori Bank across the nation. Nautilus Hyosung said it will expand the service to other banks in the future.
Samsung Pay, launched in South Korea on Aug. 20, stands out from other rivals as it supports not only near field communication (NFC) technology but also magnetic secure transmission (MST) and bar code technologies. The MST technology is significant as it is compatible with conventional credit card devices, and therefore, it can be used in a larger number of locations than Apple Pay.
Samsung aims to raise the number of Samsung Pay users reach 17 million by 2020. It will be officially kicked off in the United States market on Sept. 28. Nautilus Hyosung said it also aims to expand Samsung-Pay-compatible ATMs around the globe down the road.
