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Samsung Electronics to expand mobile payments to new countries, smartwatches

Published 2016-01-05, 08:47 p/m
© Reuters. Samsung Electronics to expand mobile payments to new countries, smartwatches

SEOUL, Jan 6 (Reuters) - South Korean technology giant
Samsung Electronics Co Ltd 005930.KS said on Wednesday it will
launch its mobile payments service in three additional
countries, as well as introducing the system on its Gear S2
smartwatches.
Samsung, through an official Twitter (N:TWTR) account, said Samsung
Pay is "coming soon" to Australia, Brazil and Singapore. The
service launched last year in South Korea and the United States
with plans to enter other markets including China, Spain and
Britain.
Samsung is hoping the payments service will set its phones
apart from competing devices, helping the firm protect market
share against rivals including Apple Inc AAPL.O and Huawei
Technologies Co Ltd HWT.UL and compel users to pay a bit more
for the convenience.
In a separate statement Samsung said its Gear S2
smartwatches will start supporting Samsung Pay in South Korea
and the United States in early 2016. The watches will soon be
compatible with Apple devices, the firm said without
elaborating.
Samsung has reported a strong response to Samsung Pay in its
home country and the United States, though the service does not
generate revenue on its own for Samsung. An early advantage for
Samsung Pay is its compatibility with magnetic stripe card
readers already in wide use among retailers.
In comparison, Apple's competing service - Apple Pay -
requires retailers to install new equipment supporting
near-field communication technology.

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