Samsung Pay, a mobile payment and digital wallet service provided by South Korea-based Samsung Electronics Co. has set its sights on the Taiwan market, with the aim of grasping the largest share of the market.
Lynn Chiu (???), director of Samsung Pay of Samsung Taiwan, told the press that Taiwan's mobile payment market has a lot of room for growth.
Citing statistics compiled by the Financial Supervisory Commission (FSC), Taiwan's top financial regulator, Chiu said that mobile payments only accounted for 26 percent of the total electronic payments in the country, much lower than 77 percent recorded in South Korea, 65 percent in Hong Kong and 56 percent in China.
The FSC has issued approval to allow Samsung Pay and its two rivals -- Apple Pay and Google Pay -- to enter Taiwan. Several banks that work with the three mobile payment brands are testing their systems and seek approval from the FSC before the Samsung services kick off in the local market.
Currently, Samsung's Galaxy S series, Note series and A series of smartphones rolled out in 2015 and later are able to support Samsung Pay, Chiu said, adding that since these models have enjoyed a warm reception in Taiwan, the company has faith that Samsung Pay will achieve its goal of grasping the largest share in Taiwan's mobile payment market.
Samsung unveiled Samsung Pay in South Korea in August 2015. In the past year, transaction value of Samsung Pay in South Korea totaled 2 trillion South Korean won (US$1.76 billion), and currently the services are available in a total of eight countries, according to the company.
Chiu said that Samsung Pay will soon enter Malaysia, Russia and Thailand, and Taiwan has been targeted as the 12th market for the mobile payment service.
According to Chiu, the large transaction value of Samsung Pay in South Korea in the past year shows that Samsung Pay is easy to use and always emphasizes transaction security.
The local media said that Samsung Pay has cooperated with CTBC Bank (???), Cathay United Bank(????), E Sun Commercial Bank (????), Taishin International Bank (????), Citibank Taiwan (????), Taipei Fubon Commercial Bank (??????), and Union Bank of Taiwan (????) to build a payment network in Taiwan.
Source: Focus Taiwan News Channel