News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Samsung Pay in Korea

A Year Later, 25% of Samsung Pay Transactions are Online in Korea

Last week, Samsung marked the first anniversary of the introduction of its Samsung Pay mobile wallet with the announcement that it has passed 100 million transactions in the seven markets where it is available. The company did not break out usage in each of the markets, but did note that in South Korea, Samsung’s home, the mobile wallet’s users spent more than 2 trillion South Korean won ($1.8 billion). More than a quarter of that total was spent online. Samsung Pay launched with the ability to make in-app payments online and Samsung executives have made published statements indicating a browser-based version will be available soon .

“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 executive vice president of Software and Services in the Mobile Communications Business at Samsung Electronics. “Our ambition to reach a world without wallets continues 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.”

Samsung Pay was launched with some fanfare a year ago because it does not require an NFC-enabled terminal to make a payment at the POS. The company acquired Boston-based LoopPay 18 months ago , incorporating its magnetic secure transmission (MST) technology enabling wireless communication with traditional terminals that swipe magstripe payment cards.

Daniel Leibovitch