Samsung Electronics is set to launch its mobile payment service Samsung Pay in Singapore, making it the first country in Southeast Asia to get the service.
Using Samsung Pay’s mobile wallet, users can make payments with their compatible Samsung smartphones at almost anywhere that debit cards or credit cards are accepted. It will support both contactless payment and non-contactless payment.
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Samsung Pay uses fingerprint authentication and digital tokens to encrypt the cardholder’s information and provide a strong level of security. It also uses MST (Magnetic Secure Transmission), which enables it to be used on most terminals, including magnetic stripe.
From June 16 2016, the mobile wallet users can make payment using Samsung Galaxy Note 5 4G+, S6 edge+ 4G+, S7 4G+ and S7 edge 4G+. The wallet can be used by customers with American Express, MasterCard and Visa, and lenders such as Citibank, DBS/POSB, OCBC Bank and Standard Chartered.
Samsung Pay vice president and global co-general manager Thomas Ko said: "We are excited to bring this service to Singapore consumers and we hope to introduce value-added services to drive and lead innovation in mobile commerce, giving consumers a safer, smarter and better mobile wallet."
Samsung Electronics Singapore president Stephen Suh said: "As the first market in Southeast Asia to roll out our mobile payment service, Singapore will pave the way for the region’s adoption of Samsung Pay.
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By GlobalData"We have established extensive partnerships with card networks, issuers and merchants for Samsung Pay to be readily available almost anywhere for consumers in Singapore, so that everyone can have the opportunity to enjoy the simplicity, safety and convenience of the mobile payment service."
Suh added: "By supporting both contactless and non-contactless payment, we are confident that this benefit will help to drive consumer adoption for Samsung Pay."
Currently, the service is available in South Korea, US, China and Spain.
