Use Mobile Cash Card in Samsung Wallet... ATM Withdrawals, QR Payments, and More

Mobile Cash Card Services via Samsung Wallet App Starting from the 7th
ATM Deposits and Withdrawals, QR Payments, and Change Accumulation Available

The Financial Informatization Promotion Council, the Korea Financial Telecommunications & Clearings Institute, and Samsung Electronics announced on the 6th that they will sequentially start the linkage service between the mobile cash card and Samsung Wallet from the 7th. Starting from the 7th, the application (app) update will begin for some Samsung Wallet users, gradually expanding the target, with full application planned for the 11th.

The mobile cash card service, which digitalizes the existing plastic cash card, was introduced in June 2020. In a situation where smartphone usage has spread, it allows consumers to conveniently use mobile finance, and to choose from various payment methods. It also aimed to improve the domestic payment method market, which has been concentrated on credit cards.

With this linkage, financial consumers can use the service not only through the joint mobile cash card app but also through the Samsung Wallet app. Available services include ATM deposits and withdrawals, commercial payments, and change accumulation from 17 financial institutions.

The Financial Informatization Promotion Council stated, "We will continue to guarantee financial consumers' right to choose various payment methods and lead balanced development of the payment market," adding, "Efforts to expand financial inclusion will also continue."