A model demonstrates Samsung Pay in this file photo released by Samsung Electronics.
SEOUL, Feb. 22 (Korea Bizwire) — South Korean tech giants have joined hands to expand the simple payment ecosystem with the impending launch of Apple Inc.’s mobile payment service Apple Pay in the domestic market,
Samsung Electronics Co., the world’s largest mobile phone maker, and Naver Financial Corp., a financial arm of leading portal operator Naver Corp., announced that they have signed a memorandum of understanding (MOU) to invigorate the mobile payment experience.
Under the terms of the MOU, Samsung’ digital payment service Samsung Pay will become available at about 550,000 Naver Financial-affiliated online stores, including Naver Smart Stores and Naver Pay online on-demand stores.
At Samsung Pay-affiliated offline stores, Naver Pay will be available using magnetic secure transmission (MST) technology.
The two companies plan to launch the new service in the first half of this year and explore cooperation in various areas.
Industry watchers said that the two firms’ partnership is a move to cope with Apple Pay, which is likely to make its debut in the domestic market early next month.
In the meantime, Fair Trade Commission Chairperson Han Ki-jeong on Monday said that the impact of Apple Pay on the domestic market will be reviewed.
J. S. Shin (js_shin@koreabizwire.com)
