Samsung is about to launch a payment solution so-called Samsung Pay in Vietnam. Many believe that this mobile payment service will be introduced on September 13, the official launch date of Samsung's Galaxy Note 8 in Vietnam.
Smartphones integrated Samsung Pay app will act as a bank card, but users do not need to swipe cards to transfer data when paying.
Users must first install card information on their Samsung phones. This can be done simply by capturing the card.
Banks associated with this application include: Vietinbank, Vietcombank, BIDV, Sacombank, ABBank, Shinhan Bank. The application is also supported by VISA, MasterCard and Napas.
Samsung has developed the payment service since August 2015 in Korea, after the acquisition of mobile payment company LooPay. The service has been introduced in USA, Spain, UK, Brazil, Australia, Singapore and China.
Earlier, Apple Pay and Androi Pay also stepped into the mobile payment market. These applications are expected to make it easier for consumers to pay for everything.
However, one of the major problems with these applications is that most consumers are not savvy.
Vietnam's electronic payment market has been especially active in recent years, with 50 million ATM cards used.
The mobile payment market in Vietnam has witnessed a boom with numberous applications, including big players such as VNG (Zalo Pay).
Vietnam recently has taken some measures to promote electronic payments that reduce the use of cash in interpersonal, business and government payments.