Samsung's mobile payment service, Samsung Pay, was first launched earlier this year in the company's home country of South Korea, followed by the U.S. release last month. Samsung has said that it will be expanding Samsung Pay to more countries all over the world, with a focus on China and Europe first.
It seems that Samsung's plan to expand Samsung Pay globally is now in the works, according to a report from South Korea.
Business Korea stated that Samsung is accelerating the overseas market expansion of Samsung Pay through the relocation of employees, along with other arrangements.
According to sources, Samsung recently transferred dozens of foreign language specialists to the company's wireless business division planning team. The transfer occurred on Oct. 15, since the company carries out personnel appointments on the 1st and 15th of each month for the flexible management of its workforce.
Before the specialists were relocated, they went through a total of four intensive Samsung Pay training programs at the company's headquarters in the Seocho district of Seoul. For many, this signals an earlier release date of the mobile payment system designed for the global market.
For the global expansion of Samsung Pay, the company will first be establishing partnerships with financial firms from all over the world, as the financial companies will be the ones to verify the payment signals of Samsung Pay. This is why the company teamed up with major credit cards companies Visa, MasterCard and American Express, along with major banks such as Citi, Bank of America and U.S. Bank before entering the United States market.
Samsung is reportedly in the final stages of negotiations for a partnership with UnionPay, which is the biggest payment card company in China. A signed partnership between Samsung and UnionPay will pave the way for Samsung Pay's launch in China.
However, Samsung Pay, along with Android Pay, could soon be facing competition from banks that are releasing their own mobile payment systems. Its growth may be derailed by traditional customers who place more trust in their banks rather than in tech companies.