Samsung Partners Up with Wells Fargo

Samsung Partners Up with 4 Biggest Banks in the U.S.

Samsung Electronics was able to get all 4 biggest banks in the U.S. as its partners for Samsung Pay, which is its mobile simple payment service, and it seems that this is going to trigger full-scale competition between ApplePay and SamsungPay.

According to industry on the 3rd, SamsungPay is going to be linked to credit cards and debit cards of Wells Fargo, which is one of the 4 biggest banks in the U.S. Previous to partnering up with Wells Fargo, Samsung Electronics had already made partnerships with Bank of America, Citi Bank, and Chase. By partnering up with Wells Fargo, Samsung Electronics has all 4 biggest banks in the U.S. as its partners for SamsungPay.

There are more than 70 financial institutions that have made business partnership in the U.S. and their shares take up more than 70% in credit and debit card markets. SamsungPay was first introduced in South Korea in August of last year and was introduced in the U.S. in following month.

Samsung Electronics has started SamsungPay service in China in this month and is planning to introduce SamsungPay in Australia, Brazil, Singapore, Spain, England, Canada and others. Out of Asian countries, China was the first one where ApplePay service has started. Competition between Samsung and Apple is also expected in China.

Staff Reporter Song, Junyoung | songjy@etnews.com