Samsung Pay. (Photo: www.ibtimes.co.uk)
has entered negotiations with financial institutions in Vietnam, in a move to enter this highly potential mobile payment market with Samsung Pay, according to South Korean media.
The Korean tech giant earlier announced its plan to introduce its mobile payment service, which has been serviced in Korea, the United States and China since last year, in Singapore in the second half of this year.
Vietnam’s local bankcard alliance National Payment Corporation of Vietnam (NAPAS) is in talks with Samsung Electronics to launch Samsung Pay in Vietnam in a partnership, said Nguyen Hoang Long, vice president of NAPAS.
"It is true that they proposed (our partnership), but our talks are still in the fledgling stages,” said an unnamed official at Samsung Electronics. “We have not decided when to launch the service or to sign on a memorandum of agreement yet,” the official added.
NAPAS is an organization of about 40 financial institutions issuing bank cards in Vietnam. Shinhan Bank, the only Korean bank that has its Vietnamese branch, is also a member of NAPAS.
In the Vietnamese credit card market, more than 90% of card holders use debit cards, which total 80 million presently, issued by local banks rather than credit cards.