Samsung Pay is doing well for itself across Korea. New figures show that a million subscribers in South Korea have made over ₩100B in transactions, 75 percent of which were made with Magnetic Secure Technology. But Samsung’s Injong Rhee wasn’t just interested in giving out digits. Instead, he was focused on expanding the chaebol’s technology reach on multiple fronts in an extensive interview.
Rhee says that Samsung Pay — with its MST — is mainly up against not other mobile payment systems, but with plastic.
More and more, all the plastic cards — gift cards, membership cards and the like — will go inside mobile. Our wallets will get thinner. Samsung Pay and wallets will complement each other …
In the push for replacing American plastic, the company is making friendly with more partners. Verizon wasn’t on the program when it first launched, but it was on board by October. With the addition of Chase Bank onto the card issuer roster, Samsung Pay will soon support credit and debit cards from the top four banks in the country. Gift cards, loyalty cards and in-app purchases will be integrated into the program in time for holiday shopping.
[…] Overall, Samsung Pay was not prioritised by our partners. But the market reaction was exceptionally good. People in the US wrote reviews and comments, asking for wider availability in different stores, and we went quickly up in terms of priority for our partners.
The big priority for Rhee, though, is “focusing all our energy on deployment.” That comes down to hardware and with MST, he assures us that the latest of Samsung’s non-flagship phones should get Samsung Pay “within a couple months.”
The Gear S2 won’t wait at all to get none of that action — it was just left with NFC because MST was deemed too costly and bulky to implement on the smartwatch.
Still, any device that we could see that magnetic coil within would be swell. Rhee has only considered licensing Samsung Pay to other OEMs, but there are no lines of communication open.
For more thoughts on how the company is grabbing the future by its horns with startup acquisitions, check out the full piece from ZDNet.