Samsung Pay adds bank account transfers in its home market

By Kate Fitzgerald December 11, 2017, 2:34 p.m. EST 1 Min Read

Samsung Pay users this week may begin transferring funds from two participating South Korean banks in the latest expansion of capabilities.

Nine million customers of Shinhan Bank and Woori Bank may transfer money from their accounts within the Samsung Pay app beginning Dec. 14, where previously the app supported only ATM deposits and withdrawals at those banks, with several more local banks set to add ATM services, according to a Sunday report in The Korea Herald.

Samsung Pay app — An employee demonstrates Samsung Electronics Co.'s Samsung Pay application on a Galaxy Note 7 smartphone with stylus during a media event in Seoul, South Korea, on Thursday, Aug. 11, 2016. Samsung's large-screen Galaxy Note 7 smartphone can be unlocked with an iris-scanning camera. Photographer: SeongJoon Cho/Bloomberg

Android Pay and Apple Pay are not yet available within South Korea, the report noted, but Apple Inc. will open its first flagship store in Seoul this spring, according to other reports.

Kate Fitzgerald

Senior Editor, Payments

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