Samsung Pay has broken yet another milestone in Samsung’s home market, Korea, where it has been widely adopted since launch. According to media reports from the East, Samsung Pay’s user base has grown to a respectful 1 million. The service is also reported to be witnessing an average of $1.8 million in transactions for over 100,000 payments made to merchants daily.
Samsung Pay is currently available in Korea and the United States with Samsung currently in the process of making the mobile payments service in several countries in Europe where it is partnering with MasterCard, China and other regions. The company also has plans of making the service available to users of its budget smartphones. Currently, only Samsung’s premium smartphones like the Galaxy S6 Edge+, Note 5 and others including the Gear S2 smartwatch support Samsung Pay. The service is also coming to Samsung’s smart televisions for content (apps, shows etc) purchases.
Samsung Pay’s success in Korea has prompted some swift reaction from local rival LG with whom Samsung also competes against in the global electronics market. LG is said to be working on its own mobile payments service. Recent trademark filings in the United States and Korea have revealed that the company applied for rights to the name G Pay fueling speculation that it was only a matter of time before LG entered the mobile payments space which is currently dominated by Apple Pay and Samsung’s service. Android Pay, Google’s response to the rise in interest in mobile payments is still nascent despite building on Google Wallet, Google’s failed attempt at being ahead of the pack in mobile payments.
Source: Business Korea