16 May 2019
Samsung electronics mobile payment service, Samsung Pay now has over 14 million subscribers in its domestic market South Korea, the company has revealed. The company has hit 40 trillion won (~$33.65 billion) in accumulated transaction volume in South Korea.
Samsung Pay was launched in August 2015 and has logged transactions worth 2 trillion won (~$1.68 billion) during the first year alone. The mobile payment service has grown exponentially to hit 10 trillion won (~$8.41 billion) in just 24 months, 20 trillion won in 33 months. It surpassed the 40 trillion won mark in April 2019, just after 45 months of launch.
Samsung Pay is considered South Korea’s most favoured mobile payment service and was used for 80% of South Korea’s domestic offline payments in 2018. It allows users to pay with their smartphones without needing to carry around the physical cards and works with NFC payment terminals using magnetic secure transmission (MST) technology.
Samsung has partnered up with a number of financial institutions and banks for promoting Samsung Pay. Samsung has launched new currency exchange services supporting 15 currencies including the Euro, yen and USD where users can apply for currency exchange via Samsung Pay app and get money at Woori Bank branches. It is also offering a currency exchange service for free for its customers until June 12. The company also has aggressive plans to further expands its services to various businesses.