A year after its first launch, Samsung Pay has revealed that in that time it has processed 100m unique transactions in seven countries.
At Money 20/20, Samsung Pay continued one of the event’s major topic points of discussing reward platform and gift card marketplaces and now it says there are more than four million registered membership cards in the United States and South Korea.
Nearly 11 million cards related to value-added services, including membership, ATM and transit cards, have been registered,
In the company’s hometown of South Korea, a market which has processed 2 trillion won, there is a strong online presence as 25% of those transactions were made online.
“Since its introduction a year ago, Samsung Pay continues to lead mobile payments by providing services that are simple, secure and virtually anywhere,” said Injong Rhee, CTO and EVP of Software and Services, Mobile Communications Business at Samsung Electronics.
“Our ambition to reach a world without walletscontinues to draw ever closer, and this strong consumer adoption signals a shift in behavior and demonstrates the continued enthusiasm for a safer, smarter and better mobile wallet,” Rhee added.
Back in April, Tim Cook said Apple Pay was continuing to expand and growing at a “tremendous rate” of one million new users a week. Cook also highlighted that the service was working with more than five times in transaction volume of April 2015. However he didn’t reveal specific figures and his CFO, Luca Maestri admitted that the service doesn’t “provide a meaningful financial contribution at this point”.
However, in July’s earnings call, Tim Cook again reiterated Apple Pay’s apparent dominance by saying it now represents 75% of all contactless payments made in the US.
This infographic is a snapshot look at the mobile industry and explores who the key players are, how their technology works and who uses them.
This week, Circle rolls out its social payments app in Spain and Ireland allowing customers to link any Spanish or Irish bank account to Circle to send and receive P2P payments to friends and family within their countries and across borders instantly.
Android Pay is now available in Hong Kong and is available at over 5,000 locations in Hong Kong where contactless payments are accepted.
In the constantly changing world of commerce, innovation is not a fad but a necessity to address new consumer behaviours and purchasing experiences resulting from globalization and new technologies. It is required to continue to help merchants adapt to changing interactions with their customers, whatever the channel or service.