Samsung Pay has been launched across Taiwan with support from Visa and Mastercard along with seven major banks including Citibank, Cathay United Bank, E.Sun Commercial Bank, Taishin International Bank, Fubon Bank, Union Bank of Taiwan and Standard Chartered. The service supports iris scan authentication for those with Samsung Galaxy S8 and S8+ devices.
The list of supporting retailers includes Big City, Breeze Center, Carrefour, CitySuper, FamilyMart, Jasons Marketplace and many more, with membership card support for Dream Mall, Carrefour, Cosmed, eTag and HappyGo among others.
Samsung said that it is easy to use Samsung Pay by following the four steps:
1. Activate – Find the app pre-installed on your phone or download it off Google Play. Then, sign in to your Samsung account.
2. Lock down security – Scan your fingerprint or iris and enter a pin, so you can authenticate future purchases.
3. Add your cards – Snap a picture of your card and provide your signature where necessary. Your cards are securely backed up and can be restored with your Samsung Account.
4. Use Samsung Pay- Head over to your favorite store and see how easy it is to check out, or add your card online via Samsung Internet.
Samsung Pay will be available on the Samsung Galaxy S8 and S8+, Galaxy S6 Edge+, Galaxy S7, Galaxy S7 Edge, Galaxy Note 5, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017) and Galaxy A7 (2017) in the country.
Samsung estimates that Samsung Pay will account for 70% of all credit card transactions in Taiwan in the future, Taiwan News reports. The service currently has support from more than 870 banks and credit unions globally.
The launch in Taiwan takes the mobile payment service to a total of 16 markets including South Korea, the US, China, Australia, Spain, Brazil, India, Malaysia, Puerto Rico, Russia, Singapore, Thailand, Sweden and the UAE with a UK launch taking place last week. Samsung Pay launched in pilot in Taiwan earlier this month.
Apple Pay was rolled out in Taiwan in March this year with support from seven banks. Google also announced that it will be launching its Android Pay mobile payments service in Taiwan during Google I/O 2017 last week, according to nfcworld.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”