Danal CEO Choi Byung Woo made an announcement on November 1st stating that Samsung and Samsung Pay will now start mobile payment service offline using the MST method. Danal is a Korean mobile solution platform that offers mobile business solutions, enabling mobile payments, mobile commerce, marketing, and mobile wallet services. Danal has announced the news while considering the current trend of online payment.
Most of the youngsters prefer using online payment method and also like to use mobile apps while paying their bills. This is an easy and trouble-free way of payment which is getting popular nowadays.
Samsung and Danal have come forward to make it easier for you now. From now on, if you select a mobile phone payment within the Samsung Pay app and authenticate only once after agreeing to the terms and conditions, you can easily make payments only by bio-metric or password authentication. This way they aim to expand payment methods other than credit cards in Samsung Pay to improve payment convenience.
The Financial Supervisory Service report shows that the simple payment market last year was of 80 trillion won, of which only offline payment had an account of 19 trillion won. On the other hand, Samsung Pay also has over 14 million subscribers, accumulates payments over KRW 40 trillion and even holds the 80% market share in the domestic offline simple payment market.
People pay through their handphones more often than before and this already resulted in a payment market worth 6.6 trillion won in 2018. We can now expect it to grow further after the handset payment limit was raised to W600,000 in July this year.
Most likely, for this reason, Danal and Samsung Pay are joining hands to improve the mobile offline payment methods and grow the sales market.
While commenting on this, Park Mann, the manager of the payment business division, said:
In partnership with Samsung Electronics, we can make payments in real life through Samsung Pay at the same time as mobile phones are opened. - Park Mann
The offline payment service for mobile phones is already made available for mercenaries like Seven Eleven, Sweet Coffee and Nature Public, and we hope that it will be soon available for others too.