Samsung Pay – Competitor Profile

Samsung Pay – Competitor Profile

Summary

Samsung Pay is a mobile payment solution launched by Samsung in August 2015. At present, the solution is available in 29 markets as of July 2021. Samsung Pay is available for a range of Samsung products, including its Galaxy devices and Gear wearable technology.

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It was the first mobile payment offering to support NFC, magnetic secure transmission, and barcode scanning in a single solution. It works with all major card schemes, including American Express, Visa, Mastercard, and Discover. It is supported by more than 2,800 international and regional banks and credit unions in the US, including Bank of America, Wells Fargo, Citibank, Capital One, PNC, and TD Bank. Users can store details of multiple debit, credit, and prepaid cards within Samsung Pay. In addition to in-store payments, the solution supports online and in-app payments as well as cash withdrawals at ATMs.

IIn December 2017, Samsung introduced a fund transfer service in South Korea that enables customers of Woori Bank, IBK Industrial Bank, Shinhan Bank, and Hana Bank to transfer funds from one account to another using Samsung Pay. In May 2020, Samsung introduced Samsung Money Card in the US in collaboration with Mastercard and US-based financial services provider SoFi. In August 2020, Samsung introduced Samsung Pay Card in the UK in partnership with Mastercard and digital banking platform Curve. Similarly, it launched Samsung Pay Card in South Korea in partnership with Samsung Card and Mastercard.

The report provides information and insights into Samsung Pay including –

– Detailed insight into its business

– Comprehensive coverage of its products and services

– Comparative assessment with key alternative payment solutions

– The company's important events and milestones

Scope

– In 2015, Samsung Pay was launched in South Korea.

– In January 2019, Samsung Pay launched overseas remittance service in South Korea in partnership with money transfer companies Sentbe and Hanpass, enabling users to transfer funds to 17 countries.

– In May 2019, Samsung Pay launched the Samsung Pay Touch app for small businesses in Canada. The app transforms compatible Galaxy smartphones into POS terminals, enabling merchants to accept contactless payments.

– In July 2020, Samsung Pay launched Samsung Money, a Mastercard-branded debit card with a cash management account, in partnership with loan financing solutions provider SoFi in the US.

– Samsung launched Samsung Pay Card in South Korea, in partnership with Samsung Card and Mastercard.

Reasons to Buy

– Gain insights into Samsung Pay's business operations and key events.

– Gain insights into its product portfolio and revenue model.

– Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.

Table of content

Table of Contents
Overview
Benchmarking
Products and Services
Significant Events
Partner Banks and Financial Institutions Globally
Partner Banks and Financial Institutions in South Korea
Supporting Merchants
Appendix

 

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