For the first time, Samsung Pay will foray into the Southeast Asian market with its mobile payment service set to launch in Singapore on June 16. Several banks and payment networks will be part of the service. Here is a list of 5 things to know with regards to Samsung Pay’s launch in the global financial state:
Customers of OCBC, Standard Chartered, DBS and OCBC banks, as well as Visa and MasterCard holders can avail the service. Samsung is expected to partner with American Express at a later date, which has not been revealed yet.
The mobile wallet will be limited to those owning the Samsung Galaxy S6 Edge+, Note 5, S7 and S7 Edge devices. The service is easy to use, allowing users to swipe or tap their phones at payment counters where debit and credit cards are accepted. Galaxy S7, one of the new devices was available on eBay at a lucrative discount. To know more, click here!
What’s intriguing is that the Korean giant’s service has an advantage over Apple’s mobile payment service. It combines an in-built Magnetic Secure Transmission along with Near Field Communication to make it compatible with both existing and new payment terminals across the globe, notes ChannelNewsAsia.
Giving hints about future potential collaborations, the south-Korean company mentioned that it will be exploring new possibilities of partnership in the mobile payment space with Singtel, the largest telecom in Singapore. TechCrunch reports that Singtel has its own NFC-based payment app called Dash, which is compatible with Android and iOS.
Samsung’s mobile payment service has already launched in the United States, Spain and China. According to CNET, the payment service is likely to launch in Australia on June 15. Last month Apple Pay service became available in the island state.
Group Head and General Manager of MasterCard Singapore, Ms Deborah Heng opines, “Digital wallets have seen the fastest uptake among consumers in Singapore with a four-fold increase, compared to a year before.”With the launch of Samsung Pay, Ms Heng is hopeful about a digitally-savvy population in Singapore, having huge acceptance of mobile payments for all purchases.