Samsung Wallet Money goes global with app-free payments

Samsung Wallet Money, a joint prepaid payment service between Samsung Electronics and Woori Bank, has expanded globally, allowing users to make payments with their Galaxy smartphones without the need to install local payment apps, according to Woori Bank on Wednesday. This innovation eliminates the need for users to visit separate app stores to download additional payment applications and undergo extra verification processes at the time of purchase.

Instead, customers can simply tap their Galaxy phone on a contactless payment terminal to complete their transaction.

Since its inception in South Korea last year, the service has already garnered over 3 million users. To utilize the service, customers must link their domestic bank account to their Wallet Money account. This enables them to deposit funds into their Wallet Money balance and subsequently make payments. The recent global expansion of Samsung Wallet Money extends its reach to Mastercard merchants across the world and WeChat Pay merchants in China.

Woori Bank's CEO, Jung Jin-wan, expressed pride in developing a new global payment experience in collaboration with Samsung Electronics. This partnership benefits from South Korea's expertise in both smartphone manufacturing and digital finance.