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The Korea Herald
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THE INVESTOR
March 29, 2024

Samsung

Samsung Pay expands partnership in Brazil

  • PUBLISHED :June 22, 2018 - 09:41
  • UPDATED :June 22, 2018 - 09:41
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[THE INVESTOR] Samsung Electronics said on June 22 it has inked a partnership with Brazil’s Itau Unibanco, a major bank in the South American country, to invite more users to its mobile payment system.

Following the deal, the Korean tech giant said it now is in partnership with 12 Brazilian banks, including Bradesco, Banco do Brasil, Santander and Caixa.

In Brazil, Google Pay currently has eight partners, while Apple Pay only has one.

The world’s largest manufacturer of smartphones launched Samsung Pay in the South American country in July 2016, the first time that the payment system was introduced on the continent.

Samsung Pay works on traditional credit card machines based on magnetic secure transmission technology and near field communication technology.

The service was initially introduced in August 2015 with Korean users being the first to experience it. It has since been expanded to other countries, including the United States, and is currently available in 21 countries worldwide.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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