Competitor Profile: Samsung Pay

Competitor Profile: Samsung Pay

Summary

Samsung Pay is a mobile payment solution launched by Samsung in August 2015. At present, the solution is available in 26 markets outside South Korea. Samsung Pay is available on a range of Samsung products, including its Galaxy devices and Gear wearable technology.

It is the first mobile payment offering that supports NFC, magnetic secure transmission (MST), and barcode scanning in a single solution. It works with all major card schemes, including American Express, Visa, Mastercard, and Discover. It is supported by more than 1,900 international and regional banks and credit unions in the US, including Bank of America, Wells Fargo, Citibank, Capital One, PNC, and TD Bank. Users can store details of multiple debit, credit, and prepaid cards on Samsung Pay.

In addition to in-store payments, it supports online and in-app payments, as well as cash withdrawals at ATMs. To expand its online payment services, Samsung Pay partnered with Visa, allowing users to pay at hundreds of online merchants that accept payments through Visa Checkout. In addition, it introduced the Samsung Pay Mini online payment solution in South Korea in February 2017.

In December 2017, Samsung also introduced a fund transfer service in South Korea that enables customers of Woori Bank, IBK Industrial Bank, Shinhan Bank, and Hana Bank to transfer funds from one account to another using Samsung Pay.

The report provides information and insights into Samsung Pay including -

- Detailed insight into its business
- Comprehensive coverage of its products and services
- Comparative assessment with key competitors
- Information on its performance, including its revenue model
- The companys important events and milestones.

Scope

- In August 2015, Samsung Pay was launched in South Korea.
- In April 2016, Samsung Pay introduced a new service allowing users to withdraw cash from ATMs without a physical card.
- In August 2018, Samsung Pay was launched in South Africa.
- In March 2019, Samsung Pay was launched in Indonesia.

Reasons to buy

- Gain insights into Samsung Pays business operations, and key events.
- Gain insights into its product portfolio and revenue model.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.


Overview
Historic Milestones
Benchmarking
Revenue Model
Products & Services
Significant Events
Partner Banks & Financial Institutions in South Korea
Partner Banks & Financial Institutions Globally
Supporting Merchants
Appendix


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