SEOUL, March 4 (Korea Bizwire) – Samsung Electronics Co. said Friday it has reached an agreement to include the U.S.-based bank Wells Fargo & Company in its mobile payment platform, speeding up efforts to promote Samsung Pay.
Following the partnership, Samsung Pay users can make purchases using their Wells Fargo accounts. The South Korean tech giant earlier clinched similar deals with Bank of America, Citibank and Chase Bank of the United States.
The mobile platform supports magnetic secure transmission technology that works on traditional credit card machines. Like rivals Apple Pay and Android Pay, it also supports near field communication technology that requires a separate transaction device.
Samsung Pay, also operating in South Korea, is expected to reach China this month, eventually expanding to Australia, Brazil, Singapore and Britain. Apple Pay is already available in the United States and China, as well as a handful of other countries.
Samsung has been making efforts to expand the number of Samsung Pay users, applying the service not only on high-end smartphones but also on budget models as well.
Samsung Electronics said last month the number of Samsung Pay users hovers above a combined 5 million in South Korea and the U.S., with the accumulated transactions reaching US$500 million.’