A model demonstrates Samsung Pay in this file photo released by Samsung Electronics.
SEOUL, March 14 (Korea Bizwire) — With Apple Pay’s imminent launch in the South Korean market, Samsung Electronics Co. is pushing to join hands with Kakao following its earlier partnership with Naver Corp.
According to industry sources, the tech giant is now in talks with Kakao Corp. to mutually integrate mobile payment services between Samsung Pay and Kakao Pay.
Under the partnership, Samsung Pay users would likely be able to make online payments and magnetic secure transmission (MST)-based offline payments via the Kakao Pay app.
Last month, Samsung signed a business agreement with Naver Financial Corp., the operator of Naver Pay, clearing the way for Samsung Pay to be used at over 550,000 Naver Pay-affiliated online stores.
Through partnerships with the nation’s No. 1 and No. 2 mobile payment service providers, Samsung is attempting to establish its mobile payment ecosystem by expanding the usability of Samsung Pay.
For Naver and Kakao, the integration of their mobile payment services with Samsung Pay will help overcome the limit of using QR codes or barcodes for offline payment, as well as contributing to increasing the number of affiliated stores where their payment services can be used.
J. S. Shin (js_shin@koreabizwire.com)
