Samsung Pay transactions top $30m in one month

hand holding a samsung galaxy phone using the samsung pay payment service whilst another person holds the POS terminal

People in South Korea have already spent over $30m via Samsung Pay in one month, the electronics giant has revealed.

The extraordinarily high numbers have been attributed to the service’s wide acceptance among merchants in South Korea, with more than 1.5 million total transactions to date and approximately 60 per cent of the transaction taking place on the Galaxy Note5 device.

 

Surge in usage

The company said usage of the mobile payment service has surged, recording approximately 36 per cent active users in its first month with about 10 per cent using Samsung Pay on a daily basis.

“Although the details on Samsung Pay usage are constantly being updated, the response we’ve received so far has been beyond our expectations. We knew Samsung Pay would be a game-changer in the mobile payments industry and now with the user data, we are seeing the greater impact it is having on consumer behavior and on the lifestyle of our customers,” said Injong Rhee, executive vice president of Samsung Electronics and global head of Samsung Pay.

 

Extra services

South Korean users have also been offered some value added services such as advanced ATM cash withdrawal transactions using a Woori bank account and online payments using a Samsung Card, either credit or debit.

The company also promised that transportation services and loyalty card memberships will be added soon.

 

UK release

The service is launching in the US on September 28th, but there has been no official date given for Samsung Pay’s release in the UK. The company says it will be released in Spain, China and the UK “soon”.

When it does eventually launch in the UK it will already be faced with the daunting task of Apple Pay. According to recent research, 40 per cent of Apple users have paid for items using its payment service since the technology came to the UK in July and the feedback has generally been positive.

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