Samsung Pay tops W2 tril. in transaction volume in Korea
By Lee Min-hyung
Samsung Pay is being used in this file photo. Samsung Electronics said Wednesday that the transaction volume of its mobile payment service in Korea has topped 2 trillion won, a year after it started the service last August. / Courtesy of Samsung Electronics
Samsung Pay has topped two trillion won ($1.78 billion) in transaction volume here, a year since the company started operating the mobile payment service.
Samsung Electronics said Wednesday that the service is gaining traction here, with more than 11 million cards registered to access the service in Korea.
The service was unveiled Aug. 20 last year on the launch date of Galaxy Note 5. Samsung Electronics has since equipped its flagship handsets with the mobile payment service.
The company said the service also hit a total of 100 million transactions, due to explosive responses from the seven countries where it is available _ the United States, China, Australia, Spain, Singapore, Brazil and Korea.
Samsung is taking an aggressive expansion drive for the service to take a leading position in the new payment market. The company has so far formed an alliance with more than 440 banks and card companies across the world. They include American Express, Union Pay, MasterCard, Visa and Alipay.
“Samsung Pay is convenient to use and guarantees security as it uses fingerprints for transactions,” the company said in a statement.
The company attributed its global success to its ability to support transactions in both online and offline stores, as the service is available for mobile applications and PCs.