Korean banks back Samsung Pay

Aug 26, 2015Updated May 27, 20251 min read

South Korean tech giant Samsung Electronics says the country’s 10 credit card companies have agreed to support its new mobile payment system, slated for launch today, Thursday.

Korea will be the first market in which the Samsung Pay service is launched. It supports not only the near field communication (NFC) technology like its rivals 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 shops compared with Apple Pay. Samsung’s progress was made possible as it had bought US mobile technology firm LoopPay, which has patent rights related to MST.

Samsung Pay is available through the Galaxy Note 5 and the Galaxy S6 Edge+ that were showcased last week, and software upgrades will be provided to the users of the two smartphones.

The service will officially reach the United States on September 28.

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Mei Ling Tan

Contributor · RetailNews.asia

Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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