Samsung Electronics "Samsung Pay to Maintain Zero Fees"

"Coexistence for Revitalizing the Domestic Payment Ecosystem"

Samsung Electronics has decided not to charge Samsung Pay fees to credit card companies.

On the 19th, Samsung Electronics announced, "Samsung Electronics has decided on 'Samsung Pay fee waiver' and plans to renew contracts with domestic credit card companies."

Since launching the service domestically in 2015, Samsung Electronics has maintained a fee-free contract by signing the 'Samsung Pay-App Card Service Operation Agreement' with credit card companies. However, after Apple Pay, which started service in Korea earlier this year, was reported to charge partner companies a fee of around 0.15%, there was speculation that Samsung Pay might set fees similar to Apple Pay. It is known that Samsung Electronics informed credit card companies in May that it would not extend the agreement.

Samsung Electronics stated, "To foster the development of the domestic pay ecosystem, we will continue to coexist with domestic credit card companies and provide the best Samsung Pay service for consumers," adding, "Details such as contract duration and conditions are confidential."