Samsung Pay Launches in Singapore
- Singapore will be first in Southeast Asia, joins South Korea, U.S., China and Spain as countries that offer Samsung Pay
- Samsung introduces partners and merchants onboard with the mobile payment service
Singapore, June 10, 2016 – Samsung Electronics Singapore today announced that it will be the first in Southeast Asia to make Samsung Pay available beginning on June 16. Secure and easy-to-use, Samsung Pay can be used to make purchases almost anywhere1 that debit cards or credit cards are accepted. In fact, Samsung Pay is the only mobile wallet that allows users to pay with their compatible Samsung smartphones at terminals that accept contactless payment as well as those that do not accept contactless payment.
"Since the introduction of Samsung Pay last year, we have seen great momentum and experienced significant consumer adoption. Samsung Pay has redefined the way consumers pay and use their smartphones," said Thomas Ko, Vice President and Global General Manager of Samsung Pay at Samsung Electronics. "We are excited to bring this service to Singapore consumers and we hope to introduce value-added services to drive and lead innovation in mobile commerce, giving consumers a safer, smarter and better mobile wallet."
"We are extremely excited that Samsung Pay is now available in Singapore. As the first market in Southeast Asia to roll out our mobile payment service, Singapore will pave the way for the region's adoption of Samsung Pay," said Stephen Suh, President, Samsung Electronics Singapore.
Added Mr. Suh: "We have established extensive partnerships with card networks, issuers and merchants for Samsung Pay to be readily available almost anywhere for consumers in Singapore, so that everyone can have the opportunity to enjoy the simplicity, safety and convenience of the mobile payment service. By supporting both contactless and non contactless payment, we are confident that this benefit will help to drive consumer adoption for Samsung Pay. What's more, you can transact any value on Samsung Pay2, up to the amount of your credit card limit."
Samsung Pay is continually expanding its partnership ecosystem to provide greater flexibility, access and choice for customers in Singapore. Currently, Samsung Pay has partnered with major payment networks such as American Express3, MasterCard and Visa, and major banks such as Citibank, DBS/POSB, OCBC Bank and Standard Chartered.
Additionally, Samsung and Singtel will be exploring potential collaborations in the mobile payment space.
At launch, Samsung Pay will be accepted at the vast majority of merchants, wherever MasterCard or Visa is accepted, and is not limited to merchants that have updated to contactless terminals. Singapore consumers will be able to use Samsung Pay at their favorite popular chains, as well as thousands of independent shops. For merchants that have not yet updated to contactless terminals, Samsung Pay's proprietary MST (Magnetic Secure Transmission) technology enables contactless payment on existing merchant terminals.
As part of Samsung's efforts to provide a seamless experience for Samsung Pay customers from the first time they try Samsung Pay, Samsung has been actively engaging selected merchants, providing training to their cashiers and point of sale acceptance marks. Samsung Pay will feature close to 40 preferred merchants at launch. From launch, customers will immediately be able to utilize Samsung Pay at most merchants4 within the following categories [full list of preferred merchants in Appendix B]:
• Supermarkets and Convenience Stores
• Departmental Stores
• Healthcare and Beauty Outlets
•Food and Beverage Outlets
• Fashion and Lifestyle Outlets
• Electronics and Furnishing Stores
• Travel and Entertainment
More Than a Payment Service
A secure and easy-to-use mobile payment service, Samsung Pay can be used to make purchases almost anywhere that credit and debit cards are accepted.
• SIMPLE: With Samsung Pay, every transaction is made super easy. You simply need to swipe up to bring up the last transacted credit or debit card, scan your fingerprint or key in your PIN and make payment.
• SAFE: With each separate transaction, Samsung Pay uses an encrypted digital token to replace sensitive card information to prevent fraud. Your payment information is better protected than ever before. Transactions made on Samsung Pay require registered fingerprint or PIN for authorization, so you are in control when each payment is made. The encrypted fingerprint information is stored in a separate, secure area of your device. Samsung's industry-leading KNOX security platform, which received the most "Strong" ratings of any mobile security platform for Corporate Managed Security5, provides real-time kernel protection and monitors malicious software and activities on your device for added security.
• ALMOST ANYWHERE1: Samsung Pay is accepted almost anywhere you can swipe or tap your credit or debit card. By incorporating Samsung's proprietary MST technology, together with NFC (Near Field Communication), Samsung Pay will be compatible with the majority of existing and new payment terminals, allowing users to pay with their compatible Samsung smartphone almost anywhere. Thanks to MST, Singapore users can also use Samsung Pay for transactions above $100.
The Galaxy Experience
Samsung Pay is an example of how Samsung continues to push the boundaries of hardware, software and services to create devices that are designed to improve how consumers connect, share, organize and get more out of life. The company is redefining what is possible, beyond the limits of today's technology, by introducing a constellation of seamless mobile experiences to bring added flexibility and convenience to consumers' lives.
Samsung Pay will be available on the Samsung Galaxy Note 5 4G+, S6 edge+ 4G+, S7 4G+ and S7 edge 4G+ beginning on June 16 in Singapore.
About Samsung Pay
Samsung Pay, a mobile payment service from Samsung Electronics, is simple, safe and available almost anywhere you can swipe or tap your card. Combining NFC (Near Field Communication) with Samsung's proprietary MST (Magnetic Secure Transmission) technologies, Samsung Pay provides consumers a way to pay almost anywhere you can swipe or tap a card at merchant locations. Samsung continues to strategically expand its partnership ecosystem for Samsung Pay to provide greater flexibility, access, and choice for customers while enabling an easy and safe payment experience.
About Samsung Electronics Co., Ltd.
Samsung Electronics Co., Ltd. inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, cameras, digital appliances, printers, medical equipment, network systems, and semiconductor and LED solutions. For the latest news, please visit the Samsung Newsroom at news.samsung.com.
1Availability almost anywhere is based on compatibility of Samsung Pay on MST and/or NFC payment terminals, with some supported for use only after software upgrades. Samsung Pay is exclusive to selected Samsung Galaxy smartphones only, and available across all participating payment networks, banks, and merchants. Availability may vary, please check for updates.
2Most NFC terminals currently accept payments up to $100, while there is no limit on payment transactions via MST terminals (subject to a cardholder's credit card limit)
4Subject to changes
5"Mobile Device Security: A Comparison of Platforms", Gartner, Inc. (6 April 2016)
For more information, please refer to the attached press releases.
Samsung Pay Launches in Singapore