It definitely doesn’t feel like it, especially for users in the United States, but Samsung has just triumphantly announced that its mobile payment system, Samsung Pay, has just reached its first birthday.
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Of the accumulated transaction volume, the value of fingerprint-identification mobile payments, which started this year, stood at about 500 billion won, Samsung said.
Samsung partners with more than 440 global banks and card companies, including American Express, Union Pay, MasterCard and Visa. Other than that, the South Korean company confirmed in the official changelog that it will provide 8 Samsung vulnerabilities and exposures, which are supposed “to improve user experience and confidence of Samsung Mobile devices”. It also teams up with Chinese e-commerce behemoth Alibaba, which operates mobile payment platform Alipay in a bid to expand the mobile payment business in Korea and China.
Across Korea specifically, the market has processed more than 2 trillion won in transactions with more than 25 percent of the transactions made online.
The tech behemoth explained the online availability of the payment solution has contributed to the surge in transaction volume. Almost 11 million cards related to value-added services, including membership, ATM and transit cards, have been registered, demonstrating the clear shift in consumer behavior and benefits Samsung Pay brings to users in Korea. Naturally, the smartphones will remain on the same Android 6.0.1 Marshmallow version, since this is just a maintenance release.
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The iPhone-maker also said the number of Apply Pay users has been increasing 450 percent every year.
