Bank of Korea Signs MOU to Link Mobile Cash Card with Samsung Pay Service

The Bank of Korea, the Korea Financial Telecommunications & Clearings Institute, and Samsung Electronics announced on the 26th that they signed a Memorandum of Understanding (MOU) at the Bank of Korea to collaborate on linking the Mobile Cash Card and Samsung Pay services.

Attending the signing ceremony were Yoo Sang-dae, Deputy Governor of the Bank of Korea and Chairman of the Financial Informatization Promotion Council, Park Jong-seok, President of the Korea Financial Telecommunications & Clearings Institute, and Chae Won-cheol, Vice President of Samsung Electronics MX (mobile experience) Division.

The signing institutions agreed to cooperate for the successful and stable integration of the Mobile Cash Card and Samsung Pay services. They are aiming to launch the service in the first quarter of next year after completing system development.

Additionally, they agreed to support financial consumers in using ATM deposit/withdrawal, commerce payment, and change accumulation services jointly provided by 17 banks participating in the existing Mobile Cash Card project through the Samsung Pay app. The Financial Informatization Promotion Council plans to continue cooperating with other operators wishing to link with the Mobile Cash Card.

The Financial Informatization Promotion Council stated, "Through the linkage of the Mobile Cash Card and Samsung Pay, it is expected that more citizens will be able to conveniently use cash deposit and withdrawal services, while also enjoying a wider range of payment service options."