Sunday, August 19 2018

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Samsung Pay Expands Partnership With Banks: Customers Win

Update: June, 01/2018 - 07:01

The increasing expansion of bank partnership networks is helping Samsung Pay create more positive transformations in Việt Nam’s mobile payment market.

One solution across domestic banks and international financial partners

Recently, Samsung has announced three brand new features on Samsung Pay: availability of the service on Gear S3, ATM cash withdrawals, and a Loyalty Card. By gently tapping the Samsung Gear S3 on POS terminals, users can confirm all purchases for movie tickets, coffee, and other goods, within only 15 seconds. ATM card holders of Shinhan Bank can also take advantage of the new features by withdrawing cash conveniently through Samsung Pay at ATM stations without the need for a physical card. They can also free themselves from the abundance of membership cards, royalty cards, and promotional vouchers with Samsung Pay’s capability to add and manage cards.

Gear S3 allows safe, convenient, and safe bill payments without the need for mobile phones or wallets.

Gear S3 allows safe, convenient, and safe bill payments without the need for mobile phones or wallets.

There are currently 15 banks and three card-switching organisations that have joined Samsung Pay’s mobile payment network, accounting for 75 per cent of the domestic payment card market. Samsung Pay was able to attract the banks primarily because of its global Samsung brand, but what really sold it to the banks was the innovation that its comprehensive digital payment solution brought to the strongly developing market for digital payments in Việt Nam.

Kim Choel Gi, CEO of Samsung Vina, together with representatives from 15 banks, in the event marking the expansion of the partnership network of  Samsung Pay in Việt Nam on May 26

Kim Choel Gi, CEO of Samsung Vina, together with representatives from 15 banks, in the event marking the expansion of the partnership network of  Samsung Pay in Việt Nam on May 26

Việt Nam has the potential to push the development of mobile payment solutions, with its population density being among the top three in Southeast Asia, and the high incidence of cellphone ownership in the country at 72 per cent. Owning multiple cards poses a major inconvenience and security risk, while e-wallet payments are inefficient as users have to deposit cash in advance and go through some complicated procedures to withdraw money from their e- wallets.

Samsung Pay’s utmost and long-term ambition

Samsung Pay is a payment application on Samsung mobile devices, operating based on the financial switching and digital payment infrastructure of the National Payment Corporation of Việt Nam (NAPAS) as well as Visa or MasterCard to connect to the banking system to provide facilities for simple and secure payments almost anywhere. 

A total of 15 banks and three card switching organisations have joined Samsung Pay mobile’s payment network, accounting for 75 per cent of the domestic payment card market.

A total of 15 banks and three card switching organisations have joined Samsung Pay mobile’s payment network, accounting for 75 per cent of the domestic payment card market.

In some countries such as Canada, France, Belgium, Japan, and Korea, the cashless transaction rate is up to 90 per cent. In some regional countries, such as China and India, using e-wallets for daily bill payments has become very common. Mastercard hopes to enable mobile payments in stores and make mobile payment with smartphones more accessible in Việt Nam.

"The convergence of traditional commerce and digital commerce is no longer a matter of the future, it is actually happening today,” Arn Vogels, Country Director and Chief Representative of Indochina Mastercard, said. “Samsung's mobile devices and wearables are blurring these boundaries as they play an integral role in every aspect of our lives. This year, Samsung Pay will continue expanding its services on international cards such as Visa and Mastercard, including those issued by Vietinbank and Sacombank.”

Mr. Arn Vogels, Country Director and Chief Representative of Indochina Mastercard.

Mr. Arn Vogels, Country Director and Chief Representative of Indochina Mastercard.

Samsung is expanding its bank partnership to bring more benefits to its users: simple payments wherever possible, minimising the risk of cash transactions, thus allowing their users to enjoy a modern lifestyle. Since September 29, 2017, after more than six months of operations, Samsung Pay counts nearly 400,000 registered users and has recorded 500,000 transactions. The total value of transactions made via Samsung Pay in the past 6 months has reached nearly VND 350 billion.

Samsung Pay is committed to reduce cash payments to below 10 per cent in 2020, through its strategic partnership with other banks in Việt Nam.

"We expect Samsung Pay to continue providing mobile experiences that go beyond the capabilities of a mobile phone, becoming a leading mobile payment service,” Mr. Nguyễn Quang Hiền Huy, Vice President for Mobile Business of Samsung Vina, said. “We will give our best to continue developing and improving Samsung Pay to provide more benefits to Samsung mobile users.”

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