Samsung Electronics and LG Electronics both are strengthening global tie-ups to expand the coverage of their mobile payment services. Samsung joined hands with a group of India's financial companies to launch its Samsung Pay service in the Indian market.
LG Electronics formed a partnership with American payment solution firm Dynamics Mobile to launch LG Pay service from June.
Samsung Electronics launched its Samsung Pay service in India on March 22 in collaboration with seven local banks and credit card companies, including Axis Bank and American Express.
Samsung Pay is now interconnected with India's mobile payment service Paytim, thereby offering one-on-one remittance, QR code, and barcode payments.
Samsung Pay, which was launched first in Korea in August 2015, has expanded its service coverage on a step-by-step basis toward the United States, China, Spain, Singapore, Australia, Puerto Rico, Brazil, Russia, Thailand, and Malaysia. At present, Samsung Pay is available in 12 countries, including India.
LG Electronics announced on March 22 that it will use the wireless magnetic communication technology, developed by Dynamics Mobile in 2007, for its LG Pay service.