Credit card companies are stopping the Easy Samsung Pay Registration service on their apps. Indeed, Samsung Pay is asking for a fee increase. Hyundai Card announced this on January 27.
Until recently, Hyundai Card paid Samsung Pay about 500 million won per year for the service. Samsung Pay recently tripled the fee while requiring Magnetic Secure Transmission (MST). Hyundai Card refused to accept the application like Lotte, Samsung and Woori Cards.
On the other hand, Shinhan, KB Kookmin, Hana, and NH Cards have MST-related contracts with Samsung Pay. The difference between using and not using MST is that the former leads to accessing Samsung Pay’s payment technology beyond simple registration. For example, Shinhan Card is expanding the offline use of its payment app by using Samsung Pay’s MST.
“App cards are very useful online but rather limited offline,” said an industry source, adding, “With Samsung Pay’s MST technology, which covers even old payment terminals, card payment is ‘application can be made in almost all member stores’.