Shulou(Shulou.com)11/24 Report--

CTOnews.com, February 17 (Xinhua)-- Samsung may turn its Samsung Pay commercial free service into a paid service, according to BusinessKorea.

South Korean financial authorities say the 0.1 per cent and 0.15 per cent fees for Apple's Apple Pay can be levied not only on consumers and stores, but also on credit card companies. Apple and Samsung are expected to charge merchants and others. South Korea's Naver Pay and Kakao Pay are expected to eventually adopt the business model.

Although Samsung has not commented on the arrival of Apple Pay in South Korea, according to indicators, Samsung Pay could lose a large user base in South Korea. Samsung Pay has become the largest digital card payment service in South Korea with its Galaxy smartphone. It made its debut in August 2015 and now has a user base of 16 million, with cumulative payments of about 182 trillion won (currently about 970.06 billion yuan, or about $139.8 billion).

CTOnews.com learned that the NFC technology used by Apple's Apple Pay is based on the EMV contactless standards of Europay, MasterCard and Visa. All Korean credit card companies that will provide Apple Pay services must pay 1 per cent of EMV fees and Apple Pay fees. Samsung Pay supports both MST and NFC and has been available for free since its launch. Only the service start-up fee is charged.

"Samsung Electronics has launched a free service to increase and retain Galaxy smartphone users, but Apple Apple Pay is changing the market, and Samsung Electronics may consider charging," industry insiders said. Apple will work with South Korean credit card company Hyundai (Hyundai) to bring Apple Pay to customers in the country. Apple's Apple Pay will launch in South Korea "soon", but the exact timing has not yet been announced.

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