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Samsung Pay expanding into mobile banking service to provide more services to users

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It’s become more and more popular to pay with your smartphone, whether you are at a physical retail store or online at your favorite shopping web site.

Samsung Pay, the mobile payment system of Samsung Electronics is expanding into the banking sector to provide more services to users. According to the company, the payment system installed on some of its newer smartphones can be used to complete transactions at some local banks, starting Dec. 14.

“The mobile payment is being developed so that it will one day fully replace a person’s purse of wallet,” a Samsung executive said.

Based on the upgrade, the 9 million domestic users of Samsung Pay will be able to withdraw or send money from accounts in Shinhan and Woori banks, by installing a specific app on their devices.

The system fully uses the iris scanner on its top of the line phones, and users don’t need to show bank books and ATM cards anymore, as sending money can be made without the use of one time password systems.

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