Samsung Pay could blow Apple Pay out of the water by waiving fees, at least in Korea

We know that Samsung is notorious for starting new apps and features to see how things go, but they appear to be very serious about their new Samsung Pay service.

With Apple Pay already available in many outlets, how can Samsung get a leg up? Very simple….Samsung has decided to put a halt on charging merchant fees. Now Samsung already was planning a much lower fee, which was 0.0015 or $15 for every $10,000. Compare that against Apple’s $15 per $100, it was already a fantastic deal for merchants. In fact, I am not even sure Samsung needed to make any adjustments here, but they did which means they plan on going after Apple in a big way.

So far this only seems to affect Korean merchants such as Shinhan Card, Samsung Card, KB Card, Hyundai, Lotte Card, NH Card, Woori Card, Hana Card, and BC Card. As to the U.S., the word is that Samsung is likely to offer the same deal, but nothing official.

With lower fees and added features like the support of magnetic secure transmission (MST) and bar codes over just NFC, Samsung Pay is likely to be a major threat to Apple Pay.

What do you guys think? I still think it’s just as easy pulling out my wallet than opening an app on my phone or watch.

source: Business Korea
via: SamMobile

Image courtesy of CNet

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