[THE INVESTOR] Samsung Electronics’ mobile payment system, Samsung Pay, is expanding its banking functions to offer more diverse services to users by added money transfer services, Samsung Electronics announced on Dec. 10. 

Samsung Pay users will now be able to withdraw or transfer money from Shinhan and Woori bank accounts starting from Dec. 14. Up until now, it provided ATM deposit and withdrawal services at 10 banks including KB Kookmin Bank Shinhan Bank and Woori Bank, In addition, the mobile payment system also provided currency exchange services for Woori and KEB Hana Bank customers.

With the newly added transfer function, customers with accounts at either Shinhan or Woori bank can now transfer accounts directly through biometrics without an official certificate or one time password. 

“Previously when you registered an account on the app, you could only make deposits and withdrawals from ATMs. However, you can now transfer money by just utilizing the app,” said a Samsung official.

In addition, five banks, including IBK, NH NonHyup Bank, and Saemaul Bank will begin ATM deposit and withdrawal services through its Samsung Pay Mini app for Android OS Smartphone users. 

Launched in August 2015, Samsung Pay is the top mobile payment system in Korea with cumulative payments amounting to 8 trillion won (US$7.32 billion). 

Backed by the large smartphone market in Korea, the company is expanding rapidly with its mobile banking platform in cooperation with local banks as rivals such as Google and Apply are expected to enter the domestic market with Android Pay and Apple Pay, respectively.

By Alex Lee (alexlee@heraldcorp.com)