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Samsung Pay and Hana Financial Group have formed an alliance to help students in South Korea. The partnership is aiming to make the lives of the students somewhat easier by adding a student ID feature to Samsung's digital wallet.
Samsung Pay and Hana Financial will work together to integrate a feature that will allow the issuance of student IDs in the former's mobile application. The collaboration with the Korean commercial banking company is expected to boost the functions of its digital wallet as well.
The Korea Times reported that the move to cooperate with Hana Financial is part of Samsung Pay's strategy to further expand and improve its versatility. The company has been taking steps to adapt different functions to remain competitive, especially with the recent introduction of Apple's Apple Pay in the country.
It was on Tuesday this week when Samsung Electronics announced it has signed a deal with Hana Financial for a Samsung Pay project. Aside from the student IDs and employees' identification cards, the two companies will also work together on other digital wallet projects.
For now, they will jointly work on the activation of mobile ID features on Samsung Pay, with future plans for the rollout of an innovative model of financial services. In any case, as part of the agreement, about 108 high school students across the nation partnered with Hana Financial to be their main banking company.
They would be able to use their student IDs that will be integrated into their Samsung Pay accounts if their schools decided to agree with the integration. Once activated, students can use their mobile ID to enter libraries or access their school meal plans. In the future, this service will also be extended to include university students.
"We are very glad to provide an innovative digital service for young people, the future leaders, with Hana Financial Group," Samsung Electronics vice president of the Digital Life and MX Division, Han Jini, said in a statement. "We will strive so that users can have excellent mobile wallet experiences with the partnership."
Vice chairman of Hana Financial Group, Park Seong Ho, also said, "The partnership with Samsung Electronics has enabled us to maximize the mobile customer experience through digital innovation. We will continue to provide new digital financial experiences and values for customers."
