Saturday 3 December 2016 | RSS

 
    Feedback
     
     

     

    Samsung Pay hits 100m transactions in first year

    Samsung Pay460

    HAPPY BIRTHDAY: A year since launch, Samsung Pay’s global uptake figures are revealed

    Some 100m transactions in seven countries have been made using Samsung Pay, the company has revealed as it marks the mobile payment service’s one year anniversary.

    “Across South Korea specifically, the market has processed more than 2 trillion won (US$1.78bn) in transactions with more than 25% of the transactions made online,” Samsung says. “Nearly 11m cards related to value-added services, including membership, ATM and transit cards have been registered, demonstrating the clear shift in consumer behaviour and benefits Samsung Pay brings to users in South Korea.

    “Users can add membership cards, gift cards and redeem coupons, and today there are more than 4m registered membership cards in the US and South Korea, providing more convenient and flexible payment experiences in users’ everyday lives. Samsung Pay also continues to add banking and merchant partners across the globe, with more than 440 bank issuers currently supported by the service.”

    “Since its introduction a year ago, Samsung Pay continues to lead mobile payments by providing services that are simple, secure and virtually anywhere,” says Injong Rhee, CTO and EVP of software and services of the mobile communications business at Samsung Electronics.

    “Our ambition to reach a world without wallets continues to draw ever closer and this strong consumer adoption signals a shift in behaviour and demonstrates the continued enthusiasm for a safer, smarter and better mobile wallet.”

    Samsung Pay was launched in South Korea in August 2015 and in the US in September 2015. Its launch in China in partnership with China UnionPay was announced in December.

    The mobile payment service made its debut in Europe in June 2016 when it began rolling out across Spain. Its rollout in Singapore later in the same month was closely followed by another in Australia. In July the service launched in Puerto Rico and Brazil. Samsung Pay is expected to go live in Canada and the UK this year.

    Plans for a global expansion of the service were unveiled at Mobile World Congress in February 2016.

    • Willam Hugh Murray, CISSP

      The card brands and issuers do not get it. Too bad.

    More headlines...