Samsung Pay has a new rival in Android Pay but the tech giant's mobile payment method has yet to be widely available in the US. In South Korea though, trial service began last July only a few days after Samsung Wallet ceased operations. The company is positive that it will revitalize OEM and the mobile payments market not only in Korea but also in other parts of the world.
Within one month, accumulated transaction volume is more than $30 million (₩35.1 billion). Total transactions reached over 1.5 million on different terminals across the country. About 60 percent of those transactions came from the new Galaxy Note 5.
The launch of Samsung Pay has actually improved mobile payment usage. Looking at the data, ten percent of the number use the Samsung Pay everyday while 36 percent were very active in the first month. Figures might change but we're guessing only for the better since more Note 5, Galaxy S6, Galaxy S6 edge, and Galaxy S6 edge+ units are expected to be picked up from stores in the coming weeks and months.
Users of the latest premium flagship phones have subscribed to the idea of Samsung Pay--a "game-changer in the mobile payments industry" as once described by Samsung Pay global head Injong Rhee. The people's response went over Samsung's expectations even if the service is in its early stages and details are still being updated. This is definitely going to bring a great impact on the customer's lifestyle and consumer behavior.
In South Korea, Samsung Pay can accept payments that support some integrated circuit (IC) readers, Samsung Card (credit and debit) online payments, as well as, ATM cash withdrawal transactions using a Woori bank account. Available soon are loyalty card memberships and special transportation services.
Just last week, we mentioned that the payment service might be available on cheaper Samsung phones but before that happens, we'll see first if it's going to be a hit in the United States starting September 28. No word when it will be available in China, UK, and Spain but Samsung has plans to bring it in those regions.
Devices that support Samsung Pay include the Galaxy S6/edge variants, the Galaxy Note 5, and the Gear S2 smartwatch when the latter launches this coming October 2, only in select countries.
SOURCE: Samsung Mobile Press