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NEWS » Telecom » Samsung pay reports over $30 million in transaction volume from Aug. 20 to Sep. 20 in South Korea
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Samsung pay reports over $30 million in transaction volume from Aug. 20 to Sep. 20 in South Korea

25.09.2015, 16:35
Samsung Pay reported over $30 million in transaction volume from Aug. 20 to Sep. 20 in South Korea, highlighting its broader acceptance in this tough market. Since its launch, Samsung Pay has had 1.5 million transactions, of which 60 percent were made using the Galaxy Note 5, according to news reports.
Samsung pay reports over $30 million in transaction volume from Aug. 20 to Sep. 20 in South Korea

YEREVAN, 25 September. / ARKA /.  Samsung Pay reported over $30 million in transaction volume from Aug. 20 to Sep. 20 in South Korea, highlighting its broader acceptance in this tough market. Since its launch, Samsung Pay has had 1.5 million transactions, of which 60 percent were made using the Galaxy Note 5, according to news reports.

Out of its active users that account for 36 percent of total users, 10 percent used Samsung Pay daily, said the Samsung official blog. The electronic giant is preparing to launch the service in the U.S on Sept. 28 to challenge Apple Pay and Android Pay.
“Although the details on Samsung Pay usage are constantly being updated, the response we’ve received so far has been beyond our expectations,” said Injong Rhee, executive vice president of Samsung Electronics and global head of Samsung Pay.

Samsung Pay also introduced value added services in South Korea. Users can now make payments online using Samsung Cards and purchase goods via select integrated circuit (IC) readers, as well. The company promises to bring in transportation services and loyalty card membership soon.

It aims to launch the service in China, Spain and the U.K. The service is compatible with high-end devices, including Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge Plus and Galaxy Note 5.

In the meantime, Shin Jong-kyun, head of Samsung mobile business, hinted of expanding the service to comparatively cheaper Samsung handsets in the near future. Samsung Pay will make its way to the NFC-enabled Samsung Gear S2 in select countries.

The mobile payment service works with both Near Field Communication (NFC) and Magnetic Secure Transmission (MST), advantages that differentiate it from other industry players. Samsung Pay uses the proprietary LoopPay technology after it acquired the company in February.

MST turns magnetic stripe readers into mobile contactless receivers to process payments. This system doesn’t require the retailers to upgrade their point-of-sales terminals, reports  CNBC.

“We knew Samsung Pay would be a game-changer in the mobile payments industry and now with the user data, we are seeing the greater impact it is having on consumer behavior and on the lifestyle of our customers,” added Rhee. -0-
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