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Samsung Pay won’t require merchants to pay transaction fees

Samsung Pay

Samsung Pay is Apple Pay’s primary competitor in the global markets when it will go official over the coming months. Unlike Apple’s offering though, Samsung Pay is compatible with both conventional magnetic secure transmission or MST and NFC. Apple Pay on the other hand, works solely with NFC. Knowing that a large number of merchants still rely on MST for transactions, there’s no denying that Samsung already has an advantage over Apple.

The company has now made Samsung Pay even more attractive by announcing that there will be no transaction fees levied upon the retailers/merchants. Apple charges 15 cents per $100 transaction made using Apple Pay, but Samsung won’t be charging anything at all. The Korean manufacturer intended to charge 15 cents per $10,000 initially, but has now waived it off completely.

This move has been announced for South Korea at the moment, but we don’t see why Samsung wouldn’t bring the same plan to the U.S. markets as well which is where Apple Pay plans to thrive.

Source: Business Korea

Via: Sam Mobile