As part of its global expansion plans, Samsung Pay will soon be available in Singapore later this year.
The mobile payment service will support four major payment networks including American Express, China UnionPay, MasterCard and Visa. In Singapore, DBS Bank, OCBC Bank, and Standard Chartered Bank will be among the banks in the republic to offer the service.
Samsung Pay enables consumers to pay for their purchases using selected Samsung mobile phones. Compatible phones include Galaxy S6, S6 edge, S6 edge+, Note5, as well as premium and mid-range options such as the 2016 models of both Galaxy A5 and A7.
According to the South Korean tech company, Samsung Pay has been gaining traction, with about five million registered users processing over US$500 million in the first six months of its introduction in South Korea and US.
"We've already seen significant consumer adoption and we continue to see great momentum. Our aim is to expand Samsung Pay to even more locations around the world, and our customers should expect to see more features in the year to come," said Injong Rhee, EVP and Head of R&D, Software and Services of Mobile Communications Business at Samsung Electronics.
Besides Singapore, Samsung will be launching Samsung Pay in China, Australia, Brazil, Spain, the United Kingdom and Canada this year.
Sign up for CIO Asia eNewsletters.