Lotte Group’s mobile payment service ‘L.pay’ is going to be liked to Samsung Electronics’ mobile payment service ‘Samsung Pay’.
Pay Alliance between Samsung and Lotte is formed.
On the 16th of November, Samsung Electronics and Mybi, which is an operator of Lotte Group’s simple payment service L.pay, exchanged memorandum of understanding of strategic alliance. Due to this, payment is now possible at L.pay’s affiliated stores through Samsung Pay and it will be possible to use Samsung Pay at Lotte’s major affiliated stores starting from February of 2016.
Through linkage of L.pay’s affiliated stores of Lotte, which is the number 1 distributor in South Korea, Samsung Electronics is able to receive L.pay’s differentiated service. Also through linkage of Mybi Mobile-based transportation service called ‘Mobile Cashbee’ transportation card, pay-first-type and pay-later-type transportation card services are also possible.
Through coexistence, L. pay and Samsung Pay decided to successfully lead South Korea’s Fintech 408 markets and actively work together in entering foreign markets in the future by expanding successful alliance in South Korea.
“Alliance between Samsung Electronics and Lotte Group will become a new converged model in mobile payment settlement markets.” said Director Cha Jae Won of L.pay’s Business Department. “We are going to open simple payment generation by not only combining distributions, but also transportation cards as well so that people will not need their wallets anymore.”
Staff Reporter Gil, Jaeshik | [email protected]
