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.

Banks have only started to adopt mobile payment systems for access to ATM transactions — like Bank of America and Wells Fargo in the United States.

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Jules Wang
Jules Wang is News Editor for Pocketnow and one of the hosts of the Pocketnow Weekly Podcast. He came onto the team in 2014 as an intern editing and producing videos and the podcast while he was studying journalism at Emerson College. He graduated the year after and entered into his current position at Pocketnow, full-time.