PAYMENT SYSTEMS
image

Korea Times

Samsung, PayPal form strategic partnership

Service, which allows PayPal balance to be accessed by Samsung Pay, will first be available in the US before expanding to other countries

PUBLISHED : Tuesday, 18 July, 2017, 11:50am
UPDATED : Tuesday, 18 July, 2017, 11:51am

By Kang Seung-woo 

Samsung Electronics says it has forged a strategic partnership with PayPal, which will allow Samsung Pay users to make in-app, online and in-store payments with the U.S. payment platform.

The service will be available in the United States first and will be expanded to other countries soon, the company added.

Also, Samsung Pay will be accepted as a payment method in apps and online through Braintree, a Chicago-based online payment provider, acquired by PayPal in 2013.

“At Samsung, we pride ourselves on our open model of partnership and collaboration, which helps us deliver the best experience to our customers,” said Rhee In-jong, head of Samsung’s research and development for software and services.

“We are excited to be partnering with PayPal, one of the largest payment platforms in the world, to offer our global consumers a richer mobile wallet experience. This partnership furthers our commitment to providing customers with a more convenient payment experience that is simple, secure and available almost anywhere.”

PayPal also expressed hopes that the strategic partnership will create synergy.

“At PayPal, we are focused on creating the best mobile commerce experience for our customers, and partnering with technology leaders, like Samsung, to create an experience that our millions of joint customers love and can utilise no matter where they shop,” said Bill Ready, PayPal’s chief operating officer.

“By adding PayPal to Samsung Pay, we will combine Samsung’s ubiquitous payment solution with PayPal’s seamless and secure mobile wallet _ delivering easy access to a simple, secure payment experience.”

Samsung expects the partnership will bring more benefits to Samsung Pay users.

“Customers will be able to use their Samsung Pay to access and use their PayPal wallet in millions of stores,” a Samsung official said.

“Users simply add their PayPal account to Samsung Pay, and can then spend the balance anywhere Samsung Pay is accepted.”

Samsung also said users will continue to benefit from Samsung Pay’s unique value-added services, including gift cards, and membership and loyalty programs.

After its launch in August 2015, Samsung’s mobile pay system has gained a presence in the market thanks to its secure and easy-to-use features.

Samsung Pay is now available in 18 markets _ the United States, China, Spain, Singapore, Australia, Puerto Rico, Brazil, Russia, Thailand, Malaysia, India, Sweden, the United Arab Emirates, Switzerland, Taiwan, Hong Kong, the United Kingdom and Korea.

“Thanks to Samsung’s advanced technology, Samsung Pay is the most widely-accepted mobile payment platform in the market and works almost anywhere you can swipe or tap a card today. Now, with the integration of the PayPal wallet, customers can use Samsung Pay in the most convenient ways possible,” the Samsung official said.

Read the original article at Korea Times