Samsung has recently announced that Samsung Pay is off to a great start in South Korea. They cited an accumulative figure of over thirty million dollars in transaction volume since they launched one month ago. This is no small number and shows that Samsung Pay is being accepted well in South Korea. Samsung Pay is on track to expand well beyond this number in the fourth quarter.
Samsung Pay’s largest competitive advantage is the long reaching acceptance and use within the merchant community, with over 1.5 million transactions reported to date. That averages to be 50,000 transactions per day since launching! Within the first month, the mobile payment service surged, indicating about 36% of users being active in the first month, with about 10 percent of the users being daily users of Samsung Pay.
Positive Results in South Korea Followed by Worldwide Expansion
The executive president of Samsung Electronics and global head of Samsung Pay, Injong Rhee, was quoted saying that the response that they have received with Samsung Pay in South Korea has surpassed their expectations. They knew that Samsung Pay would change the game within the mobile payment industry and their data is supporting that vision. Samsung Pay continues to expand and adopt new value-adding services to their unique platform.
Among the many features spurring the growth of Samsung Pay in South Korea, they recently added payments that support select integrated circuit readers and online payments using a Samsung card. They also offer Advanced ATM withdrawals when utilizing a Woori banking account. They also are planning to add a loyalty card and transportation services soon.
Samsung is planning to expand Samsung Pay abroad, bringing this exclusive service to Spain, China, and the United Kingdom in the near future. This service is currently available on most major Samsung devices such as the Galaxy S6, Note 5, S6 edge+, and S6 edge. Samsung Pay is known as a revolutionary payment solution. It is one of the first payment solutions that allows for a secure and simple transaction that is able to be accepted almost anywhere you can tap or swipe a card. Samsung Pay will also be able to support NFC technology in select countries on Samsung Gear S2 after the launch of the device.
Samsung Pay around the World
Odds are you will be hearing more about Samsung in the news in the months ahead. This launch of Samsung Pay in South Korea has been a great start for Samsung. They are expected to continue to strategically expand throughout the world. September 28th was the official launch date for Samsung Pay in the United States. You can expect to see Samsung Pay continuing to strategically expand its partnership ecosystem worldwide, they are planning to launch in the United Kingdom next.