Samsung Pay waives fees in move against Apple

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Samsung may not collect transaction fees when it launches its new mobile payments service this summer, industry sources have said.

The move might allow the company to boost the popularity of Samsung Pay over competing services.

A Business Korea source said that Samsung has decided not to change partnered Korean credit cards companies for Samsung Pay, nor will it expect value-added network service providers and online payment service providers too pay fees.

While Samsung’s policy regarding its US partners are still under wraps, an industry source added that in light of its decision in Korea, the handset maker may not charge American credit card companies to pay the usual 0.0015 per cent fees either.

At a press event, Samsung Pay vice president Lee In-jong said that the service’s profit model “could include ads in the commercial market by issuing coupons or gift cards”, the report added.

Samsung’s move will be aimed at its biggest rival, Apple, which launched Apple Pay in late 2014.

Samsung has partnered with credit card companies such as Shinhan Card, Samsung Card, KB Card, Hyundai, Lotte Card, NH Card, Woori Card, Hana Card and BC Card in Korea.

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