[Edaily Reporter Shin Yeong-bin ] SamsungElectronics(005930)is partnering with Tencent and Woori Bank to expand the overseas payment services of “Samsung Wallet Money.” In China, it will support WeChat Pay-based QR payments, and overseas, it will also offer Near Field Communication (NFC)-based contactless payments.

SamsungElectronics announced on the 27th that it signed a memorandum of understanding (MOU) with Tencent and Woori Bank on the 26th at Tencent’s headquarters in Shenzhen, China, to support the “Samsung Wallet Money” international payment service and strengthen cooperation.

Samsung Wallet Money is a rechargeable mobile payment service provided by SamsungElectronics in partnership with Woori Bank. Users can recharge their accounts and make payments via the Samsung Wallet app, and Samsung Wallet Points are earned with each transaction.

Under this agreement, Samsung Wallet users in South Korea will be able to use WeChat Pay-based QR payments to pay with Samsung Wallet Money at WeChat Pay merchant locations throughout China when visiting the country.

There are two payment methods: users can display a payment QR code from the Samsung Wallet app and show it to store staff, or they can scan the store’s QR code directly to complete the payment.

Users can use their Samsung Wallet Money directly without having to register a separate international payment method, and no overseas transaction fees will be charged. 0.3% of the offline payment amount will be credited as Samsung Wallet Points with no separate limit.

SamsungElectronics, Tencent, and Woori Bank plan to expand the range of QR payment methods in China to include credit cards in the first quarter of next year.

SamsungElectronics also supports NFC-based contactless payments with Samsung Wallet Money in overseas markets outside of China. Users can make payments at overseas NFC-enabled merchants by holding their smartphone up to the payment terminal.

The signing ceremony was attended by Chae Won-cheol, Vice President and Head of the Digital Wallet Team at SamsungElectronics’ MX Business Division; Daniel Hong, Vice President of Tencent’s Financial Technology Division; and Jeong Jin-wan, President of Woori Bank.

Chae Won-cheol, Vice President of SamsungElectronics, stated, “Building on our partnership with Tencent and Woori Bank, we have expanded the convenience of Samsung Wallet Money—which has been proven in the domestic market—to overseas markets,” adding, “We will continue to collaborate with global partners to provide payment experiences optimized for local markets.”