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[Alpha Biz=(Chicago) Reporter Kim Jisun] Samsung Electronics has decided not to receive Samsung Pay fees from credit card companies. It is to co-exist with credit card companies that are experiencing difficulties recently. This is in contrast to Apple Pay, which receives a fee of 0.15% of the payment amount.
Samsung Electronics said on the 19th that it has decided to provide free fees for Samsung Pay and will renew contracts with local credit card companies. However, Samsung Electronics decided not to disclose the detailed contract period and conditions with the credit card company.
Since launching the Samsung Pay service in South Korea in 2015, Samsung Electronics has continued to extend it by signing free commission contracts with local credit card companies. In May, Samsung Electronics delivered to the credit card company that it would not extend the contract.
For this reason, the possibility of paying Samsung Pay fees has been raised in the domestic credit card industry. With the introduction of Apple Pay in South Korea, Samsung Electronics does not have to stick to its free commission policy.
The credit card industry has also expressed concern that profitability will worsen, leading to a decline in consumer benefits. This is because it is burdensome to charge Samsung Pay fees at a time when it is having difficulty raising funds due to soaring interest rates on credit card bonds.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
