Two Korean banks start accepting Samsung Pay for transactions
Customers of Shinhan and Woori banks in South Korea will now be able to use Samsung Pay to withdraw or send money at branch locations and ATMs starting Thursday.
Yonhap reports that these transactions will be secured by using the iris scanner on-board — found on Galaxy S8 and newer devices — for authentication to generate one-time keys. In theory, this should be more secure than using a four-digit PIN.
Samsung plans on expanding its support to other financial institutions.