Samsung Electronics’ partnership with Woori Bank over Samsung Wallet Money is shaping up as more than a simple mobile payments tie-up, signaling a broader shift in how banks position themselves in the evolving payments ecosystem.

Woori Bank said Thursday that users of Samsung Wallet Money and Points — a service it operates exclusively for Samsung under a three-year contract — recently surpassed 2 million, about six months after its October launch. The service crossed 1 million users by December and doubled that figure within four months.

The exclusivity gives Woori a direct foothold inside Samsung’s wallet platform. By offering a fee-free, point-based payment service, the bank is aiming to attract new account holders, particularly younger, digitally native users.

Samsung Wallet is Samsung Electronics’ mobile payments platform for Galaxy smartphones. In October, the company introduced Samsung Wallet Money, a rechargeable payment tool, and Samsung Wallet Points, a rewards program, allowing users to link bank accounts, top up funds and make payments without a physical card.

While multiple partner banks can be used for funding and transactions, Woori serves as the sole operator of the Money and Points functions, handling issuance, settlement and operations within Samsung’s ecosystem.

That role goes beyond brand exposure. It positions Woori directly within the payment flow — turning the wallet into both a deposit channel and a customer acquisition tool. More than half of the 2 million users were new to the bank, highlighting its ability to reach customers who may not otherwise engage with traditional banking channels.

The tie-up also reflects a broader strategic push. Woori recently hired Jung Eui-chul, a former Samsung Electronics mobile executive, to lead its digital sales group. With experience in platforms and user experience, he is expected to drive the bank’s digital distribution strategy, signaling that the Samsung partnership is part of a wider effort to embed itself within app-based financial ecosystems.

At a structural level, the deal illustrates how banks are moving beyond their traditional role as back-end funders of card transactions. As operator of Samsung Wallet Money and Points, Woori manages issuance, settlement and operations within the platform — pointing to a model where banks function as the financial infrastructure behind digital wallets, not just the accounts linked to them.

A similar dynamic has been seen in Korea’s other major wallet partnership — Hyundai Card’s tie-up with Apple Pay — which demonstrated how linking a financial institution to a global tech platform can rapidly expand user reach and transaction volume.

But the Samsung-Woori structure goes a step further. While Apple Pay connects card issuers to its wallet, Samsung Wallet places a bank inside the platform’s core functions, allowing it to participate more directly in deposits, payments and customer engagement.

Timing is also critical. Korea’s payments market is steadily shifting away from physical cards. Bank of Korea data shows non-physical card payments accounted for a record 54.3 percent of total card spending in 2025, while simple payment services processed an average of 1.11 trillion won ($753 million) in transactions daily. In this environment, control over the payment interface is becoming as important as control over the balance sheet.

From the industry’s perspective, the structure of Samsung Wallet Money could also reduce the role of cards in payments altogether.

“If users can top up directly from a bank account and spend through Samsung Wallet, there is less need for cards in the payment process,” an industry official said.

“This is not just another payment option. It reflects a shift toward banks moving closer to the interface, while card companies risk being pushed further into the background.”

By Choi Ji-won (jwc@heraldcorp.com)