Payment Market War in Korea

Today, the development of payment technology has made people not bring their
wallets when they go outside because they can pay if they have Samsung Pay on their phone. However, the disadvantage of Samsung Pay is that only Samsung users can use it and people who are using iPhones are not able to use it in Korea.

On February 8, Apple made the official announcement that Korea will be able to use
Apple Pay in March if all of the processes complete quickly. Hyundai Card will be the first
bank that allows customers to use Apple Pay. However, for Samsung, it was an emergency
situation because lots of people used Samsung phones to use Samsung Pay instead of using
Iphone, and Samsung Pay was the only online payment that people can use in Korea. Samsung had to make a solution as quickly as possible to attract the consumers who are planning to change their devices to Apple.

To grab the attention of their customers, Samsung started to cooperate with Naver Pay
and it was the first time that Samsung has collaborated with another finance company. Currently, Naver Pay is the top online mobile payment system and Samsung Pay is the top
offline payment. Many experts are expecting that their cooperation will show positive effects on the mobile payment market.

To conclude, various payment systems are developing today and payment companies
compete with each other to be the best payment company. Their competition will lead to huge improvements of companies and citizens will be able to use more developed payment systems in the future.

By. Yeongdo Jung