Samsung Pay hits 100m transaction mark on first anniversary

Samsung Pay hits 100m transaction mark on first anniversary

A year after launch, Samsung Pay has been used to make around 100 million unique transactions in seven countries, with the electronic giant's home market of South Korea leading the way.

As it wages a global battle with Apple and Google for the mobile payments market, Samsung says that it is racking up impressive numbers, with more than two trillion won (nearly $1.8 billion) in transactions in South Korea alone, of which 25% were online.

Meanwhile, nearly 11 million cards related to value-added services, including membership, ATM and transit cards, have been registered to the service in the country, demonstrating a "clear shift in consumer behaviour," says the firm.

In addition to the US and South Korea, the service is available in Singapore, China, Spain, Australia, Brazil, with some 440 bank issuers onboard. Other markets, including the UK and Canada, are expected to follow soon.

In April, Apple CEO Tim Cook said that transaction volumes for his company's rival offering were five times higher than a year ago but refused to give specific numbers.

Comments: (1)

A Finextra member
A Finextra member 24 August, 2016, 17:07Be the first to give this comment the thumbs up 0 likes

when in the UK? and what for? we're using Android Pay already. no appetite for this...

THE STATE OF DIGITAL BANKING, 2019 - Landscape: The Digital Banking Strategy Playbook

Trending Stories