Samsung Pay, the mobile payments application launched by Samsung in South Korea a month ago, has already been used for $30 million’s worth of transactions by users.
From its launch on 20 August until 20 September, Samsung Pay reportedly had 1.5 million transactions, and 10% of South Koreans using the app daily.
The mobile payment app allows users to make payments using their mobile handset instead of using traditional payment methods such as cash or payment cards. It uses Near Field Communication (NFC) to connect to NFC compatible payment terminals, as do many other mobile payment applications, but the app also works using magnetic strip technology, meaning retailers will not have to upgrade their point of sale terminals.
“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 behaviour and on the lifestyle of our customers.”
Injong Rhee, Executive Vice President of Samsung Electronics and global head of Samsung Pay
The mobile payment service is due to launch in the United States on 28 September 2015.