Samsung reaches agreement with Shinsegae on mobile payment services

[THE INVESTOR] Although Samsung Electronics has touted its mobile payment solution Samsung Pay as a universal payment platform available both online and offline, it had a major setback as it was unavailable at the stores run by South Korea’s largest retail firm Shinsegae.

Things will likely change soon as the two have reportedly reach an agreement.

“After lengthy negotiations, the two companies have been able to find middle ground in making Samsung Pay available at Shinsegae affiliates,” an official from the retail giant was quoted by a news outlet as saying.

The group runs Shinsegae Department Store, and E-mart and owns a license to operate US coffeehouse chain Starbucks’ stores in Korea.

The official said the exact schedule for making Samsung Pay available at Shinsegae stores will be further discussed until next month, and that SSG PAY, a mobile payment solution run by Shinsegae, will also likely be available at Samsung affiliates.

Samsung and Shinsegae, which have had close business ties for years, have recently been in a tug-of-war over the adoption of mobile payment systems.

By Kim Young-won (wone0102@heraldcorp.com">wone0102@heraldcorp.com)