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

Thanks to CTOnews.com netizen OC_Formula for the clue delivery! CTOnews.com, July 20, according to South Korean media, Samsung Electronics announced on the 19th that it has decided to "continue Samsung Pay free" and plans to renew its contract with domestic card companies.

Samsung said: "We will continue to coexist with domestic credit card companies and jointly develop the domestic Pay ecosystem to provide consumers with the best Samsung Pay services." However, Samsung did not disclose details of the terms and conditions of the contract with each credit card company.

According to CTOnews.com, competition for convenient payments has become fiercer since Apple's Apple Pay was launched in South Korea in March, and Samsung is considering charging credit card companies. Hyundai Card, which launched Apple Pay in South Korea, pays Apple a 0.15% commission on each transaction, according to the payments industry.

Samsung has not charged a separate fee from credit card companies since it launched Samsung Pay in 2015. Samsung's contract with the credit card company expires in August and Samsung has issued a notice to terminate the contract. To this end, the industry speculated that Samsung will sign a new contract for a fee.

Credit card companies protested the news that Samsung planned to impose fees, saying it would "affect the interests of consumers". If Samsung Pay charges are increased, credit card companies will have to pay an extra 70 billion to 100 billion won a year (CTOnews.com Note: currently about 399 million to 570 million yuan). However, as Samsung has decided to maintain its free policy this time, it can be regarded as "nothing happened" for the time being.

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