Samsung has announced that it has signed an agreement with the Bank of Korea and Korea Financial Telecommunications and Clearings Institute (KFTC) to allow Samsung Wallet users in South Korea to use their phones as cash cards at more ATMs. This is a good move, as people can now use Samsung Wallet on their phones at ATMs, and they don't need to carry separate cash cards.
Samsung Wallet to double up as cash cards at more bank ATM locations in Korea
Samsung signed the memorandum of understanding (MoU) in the presence of Yoo Sang-dae (Vice Governor of the Bank of Korea), who is also the chairman of the Financial Information Promotion Council. Park Jong-seok (President of the KFTC) and Chae Won-cheol (Vice President of Samsung MX's Digital Wallet Team) were also present at the signing ceremony. Bank of Korea and the KFTC agreed to link Samsung Wallet with mobile cash cards.
Currently, Samsung Wallet supports cash deposits and withdrawals at ATMs from ten banks. However, those operations are only supported at ATMs of those respective banks. With the new MoU, Samsung Wallet users can make ATM deposits and withdrawals at 17 banks in South Korea that offer cash cards. The list of supported banks can be found below.
- Busan Bank
- Daegu Bank
- Gwangju Bank
- Gyeongnam
- Hana Bank
- Industrial Bank of Korea
- Jeju Bank
- Jeonbuk Bank
- Kookmin Bank
- National Agricultural Cooperative Federation
- Nonghyup Bank
- SC First Bank
- Shinhan Bank
- Suhyup Bank
- Woori Bank
In addition to bank ATMs and interbank transactions, Samsung Wallet users can also transact at convenience store ATMs. Moreover, transactions will now use QR codes instead of NFC. In the future, users can open the Samsung Wallet app, select their mobile cash card, link their account by authenticating themselves using the account number, and set a password to get the mobile cash card that can be used in the app.
Samsung says it will bring more features and options to Samsung Wallet in the future.
