Samsung and Lotte in alliance share mobile payment platform

By Park Sae-jin Posted : November 19, 2015, 14:23 Updated : November 19, 2015, 14:23

[Courtesy of Samsing Pay's official website]



​Samsung Electronics and Mybi, an operating company of Lotte Group’s mobile payment system, exchanged memorandum of understanding (MOU) of strategic alliance on Monday. ‘L.Pay’, a simple mobile payment system will be featuring in Samsung’s ‘Samsung Pay’, also a simple mobile payment system.

With the features added, users of both payment systems can use its features on Samsung Pay. Key feature added is public transport payment system, along with 130 digital membership cards which are of stores affiliated to Samsung, Lotte and other brands.

Through cooperation, Samsung and Lotte aim to lead in Korean FinTech (a hybrid word of ‘financial’ and ‘technology’) market. Also, both companies are to cooperate in expanding the business out to international market.

Samsung Pay, with more than one million users in Korea, is getting used an average of 100,000 times a day. The accumulated amount of payments made is more than U.S$ 86,000,000 (approximate in numbers).

With Samsung Pay, Samsung’s smartphone (some models do not support Samsung Pay) users can simply store the information of their credit cards or check cards onto the Samsung Pay app and use their smartphones as actual cards with a magnetic strip.

Cha Jae-won, Director of L.Pay’s Business Department, is very positive about the Businesses’ future. “The coordination between Samsung and Lotte will become the new converged model in the mobile payment industry,” he said, “We will make payments easier by uniting all forms of payments like transportation and distribution.”


아주경제 박세진 기자 = swatchsjp@gmail.com
기사 이미지 확대 보기
닫기