Samsung Pay To Expand To Additional Markets

Samsung Pay

News out of South Korea this Monday indicates that Samsung Electronics is looking to expand its mobile payment service, Samsung Pay, to a number of markets globally, having already introduced the service in its home country earlier this year and in the US last month. If a report carried by Business Korea is anything to go by, the country’s largest consumer electronics company is relocating a number of its employees to hasten the process of the expected global rollout of Samsung Pay. The service reportedly saw as many as 500,000 subscribers signing up within the very first month of its rollout in South Korea, and currently, anything between 20,000 to 25,000 people reportedly do transactions worth between 750 to 800 million won ($661,959 to $706,090) on a daily basis through Samsung Pay in the country.

Coming back to Samsung’s ongoing push to introduce the service globally, the report claims that the company’s wireless business division is reportedly seeing an influx of new recruits and “foreign language specialists” from other divisions within the company, as part Samsung’s bi-weekly practice of “personnel appointments”, whereby, the company shifts its employees around within its departments, in an effort to better manage it’s rather large workforce. The report further goes on to state that the employees being transferred to the company’s wireless business (which is the unit responsible for Samsung Pay) had to undergo four intensive training programs on Samsung’s mobile payment system, prior to their transfer. The training programs are believed to have taken place at the company’s global headquarters in the Seocho district of the country’s capital city of Seoul.

Samsung is also said to have already forged partnerships with some of the world’s largest financial entities, including major American credit card companies and banks, like MasterCard, Visa, American Express, Bank of America, Citi and US Bank, with a view to establishing a formidable presence in the all-important American market. Alongside the US, Samsung is also planning to launch Samsung pay in the Chinese market, and towards that end, its vice chairman, Mr. Lee Jae-yong, reportedly met the Chairpersons of China’s largest payment card firm, UnionPay, and the Industrial and Commercial Bank of China, for negotiations regarding the rollout of the service in the country. The report also goes on to claim that having launched the service in the US, Samsung is likely to launch its mobile payment service in the UK, Spain and China, over the next few months.