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Samsung Electronics has struck an agreement with U.S.-based bank Wells Fargo & Company to include it in its mobile payment platform, the South Korean electronics company said Friday.
Under 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 a 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.
Samsung Pay is expected to expand into China this month and to eventually move into Australia, Brazil, Singapore and Britain. Apple Pay is already available in the U.S. and China as well as several other countries.
Samsung has been making efforts to expand the number of Samsung Pay users, enabling the service not only on high-end smartphones but also on budget models.
Samsung Electronics said last month that the number of Samsung Pay users hovers above a combined 5 million across South Korea and the U.S., with accumulated transactions reaching $500 million.
(khnews@heraldcorp.com)
Under 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 a 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.
Samsung Pay is expected to expand into China this month and to eventually move into Australia, Brazil, Singapore and Britain. Apple Pay is already available in the U.S. and China as well as several other countries.
Samsung has been making efforts to expand the number of Samsung Pay users, enabling the service not only on high-end smartphones but also on budget models.
Samsung Electronics said last month that the number of Samsung Pay users hovers above a combined 5 million across South Korea and the U.S., with accumulated transactions reaching $500 million.
(khnews@heraldcorp.com)
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Articles by Korea Herald
