According to an official blog, Samsung has announced that Samsung Pay has signed a business agreement with Hana Financial Group. This agreement will bolster the digital payment experience for students across South Korea. The agreement between Samsung Pay and Hana Financial Group was signed at the headquarters of the latter in Jung-gu, Seoul, on 27 March 2023.
This collaboration will benefit thousands of South Korean students from high schools affiliated with Hana Financial Group. This business agreement promises to activate mobile ID functions such as student and employee ID cards, establish overseas payment systems, and cooperate on future financial service models. Student IDs will be issued to students via Samsung Pay. There are 108 high schools across South Korea affiliated with Hana Financial Group. Schools that have agreed in advance will be provided with the benefit of student IDs via Samsung Pay.
Samsung Pay student ID cards will be expanded for university students as well in the future
If consent is given, the Samsung Pay student ID can be used in place of the actual physical student ID cards. For example, if the student uses the barcode on the physical student ID to pay for meals or the library using, they can now use Samsung Pay student ID card to do the same.
The process of issuance is pretty simple. All the student needs to do is update Samsung Pay and add the student ID by registering the Hana Financial Group debit card linked to the student ID card. One of the main advantages of this student ID card is that it is digital and reduces the risk of losing compared to the existing physical ID.
Moreover, everyone now carries a phone, and it is safe inside the device. Both companies have agreed to expand this collaboration to not only high schools but also university student ID cards.