Samsung’s mobile payments service continues to grow in its home country of South Korea, reaching a new milestone of one million active users.
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The company said the number of daily use hit 100,000, the accumulated subscribers surpassed 1 million and the accumulated payment amount posted more than 100 billion won.
According to the report, an increasing number of users are apparently relying on the service to pay for their daily purchases at supermarkets, department stores, restaurants and cafes, but Samsung Pay use for public transport and at cinemas is at a record-high as well. From the previous daily average total payments of $705,192 (800 million won), daily average these days is $1.8 million (2 billion won). Samsung Pay can be used at any magnetic payment terminal.
Samsung Pay supports not only offline payments but also online payments using a Samsung Card, and cash withdrawals at Woori Bank ATMs. Korea Times claims that Samsung Pay has already topped one million users in the country, although it’s only been available for a couple of months.
A week after finally picking up support from Verizon, Samsung has announced an expansion of Samsung Pay, its mobile payments solution.
With strong competition from the incumbent Apple Pay, Samsung Pay’s continued expansion, and Android Pay ramping up, it looks like the mobile payments race will be run with three strong contenders for the foreseeable future.
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By comparison, Apple Pay, launched last September, requires retailers to install new equipment that supports near field communication (NFC) compatible with its service.
