Samsung Pay was launched in August 2015. Samsung's mobile payments service was initially available in its home country of South Korea before it was gradually rolled out in other markets across the globe. The service has expanded considerably over the past few years and has also become more useful as the company has brought additional features and functionality to the platform.
It has now made it possible for users to trade investment funds in South Korea. It's due to a partnership with Fund Online Korea, a local public financial investment company that helps people invest their money into various funds. Fund Online Korea is the first investment fund supermarket in South Korea. Investors can use it to buy a wide variety of funds online that are managed by different asset managers.
Investing in funds made possible through Samsung Pay
There years after it was launched, Samsung Pay is now available in 24 markets across six continents. The service has been used to process more than 1.3 billion transactions so far globally.
It also has more than 2,000 banking and financial partners for the service. Online payments are supported in 15 markets and transit cards in five markets. It's also possible for users in 20 markets to use their loyalty and membership cards with Samsung Pay.
The partnership with Fund Online Korea allows Samsung Pay users in South Korea to trade investment funds through the payments platform. They will be able to shop for a variety of funds in Samsung Pay after a simple account opening procedure. “We are aiming at offering an easy, convenient and accessible investment channel,” said Kim Seung-hyun, a company official.
Users will be able to invest in the funds with a small sum of money so they won't be required to make a substantial monetary commitment. They can simply choose to invest even a small amount whenever they want and gradually build up their investment portfolio.
