SamsungPay Mini to Be Released in Next Month

May 27, 2016

Samsung Electronics is releasing ‘SamsungPay Mini’ in next month at the earliest to increase percentage of online payments. It can be used on Android phones as well as iPhones.
According to IT industry and financial industry on the 26th, Samsung Electronics is commercializing a separate application called ‘SamsungPay Mini’ in June to strengthen online payments. Samsung Electronics has designed it so that cards can be registered in it and be used for online shopping malls or online stores.
Although detailed operating method is not revealed yet, Samsung Card, Lotte Card, and Hana Card already decided to participate in this application. Other card companies such as KB Card and others are also thinking about participation.
A reason why Samsung Electronics is making an online-version SamsungPay is because current SamsungPay is being used mostly at offline stores.
Although SamsungPay is supporting online payments since February, percentage of online payments is lower than Samsung Electronics’ initial goal. Its percentage is not even 20% out of all payments.
Also if one were to use SamsungPay to make online payments, he or she has to go through somewhat complicated procedures. For example, one has to select a payment screen of each card company if he or she were to make online payments on 11st or Auction through SamsungPay. Out of many certification methods such as application payment, simple payment, SMS payment and others, he or she has to click SamsungPay payment separately. Because SamsungPay’s payment screen does not come up initial screen, one has to select a card that he or she wants to use so that it can be linked to SamsungPay payment.
A reason why SamsungPay does not have its own payment screen is because Samsung Electronics has to pay PG (Payment Gateway), which allows connection to payments, a separate fee. This is why Samsung Electronics chose online payments through other card companies that are linked to SamsungPay.

Samsung Electronics is commercializing ‘SamsungPay Mini’, which is a platform exclusively for SamsungPay online
<Samsung Electronics is commercializing ‘SamsungPay Mini’, which is a platform exclusively for SamsungPay online >

If SamsungPay Mini is installed, online payments are executed automatically and it can be used by both mobile devices and PCs. After installing an application, a consumer can download many cards into this application after fingerprint certification or making an ID and a password. A consumer can just register his or her cards through this application, and this application will operate automatically when there are online payments. This application is similar to Syrup Pay or Clip payment method.
Samsung Electronics is planning to provide this application for free and has designed it so that it can be used on all Smartphones such as iPhones and LG Electronics’ phones.
“By releasing SamsungPay Mini, Samsung Electronics has completed a versatile platform that absorbs online and mobile payments.” said a high-ranking representative of a card company. “Besides of online payments, SamsungPay Mini will be a catalyst for Samsung Electronics in tying together variety of additional businesses.”
“Commercialization of SamsungPay Mini will be an opportunity to change structure of South Korea’s online payment.” said a different representative. “It is also meaningful from an aspect of business reorganization that South Korea’s card companies can be subordinates to Samsung Electronics.”
Regarding SamsungPay Mini, Samsung Electronics announced that it has not made any decisions on detailed conditions.
Staff Reporter Gil, Jaeshik | osolgil@etnews.com & Staff Reporter Park, Sora | srpark@etnews.com

■Overall turnover of South Korea’s online shopping per year
▲Overall turnovers of South Korea’s online shopping in last 4 years were $28.9 billion (34.0682 trillion KRW (2012)), $32.6 billion (38.4978 trillion KRW (2013)), $38.4 billion (45.3024 trillion KRW (2014)), and $45.6 billion (53.8882 trillion KRW (2015)).
Reference: Statistics Korea
<■Overall turnover of South Korea’s online shopping per year ▲Overall turnovers of South Korea’s online shopping in last 4 years were $28.9 billion (34.0682 trillion KRW (2012)), $32.6 billion (38.4978 trillion KRW (2013)), $38.4 billion (45.3024 trillion KRW (2014)), and $45.6 billion (53.8882 trillion KRW (2015)). Reference: Statistics Korea >

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