Samsung discusses positive reaction to Samsung Pay in South Korea

[Jared Peters]

Samsung Pay was originally announced with the Galaxy S6, although it’s been delayed several times since then. It finally went live last month, but only in South Korea, and is slated to kick off in North America later this month.

After a month in South Korea, Samsung has talked a bit about how people are reacting to and using the service, and so far it seems like customers and retailers alike are pretty happy with the experience so far.

Since launch on August 20th, Samsung has seen around 25,000 registrations for Samsung Pay per day, with over KRW 750 million being spent each day using the service. Not only are registration numbers good, but that also means people are actively using it, not just setting it up and forgetting about it. A majority of Galaxy Note 5 users have already used the service, which should be expected for the company’s latest flagship, but it’s positive news nonetheless.

Samsung also discussed competition in the mobile payment space, but they really only consider plastic cards to be their competition, not the likes of Android Pay and Apple Pay. Since Samsung Pay works with traditional credit card machines and doesn’t require merchants to install any additional hardware, it makes it extremely easy to replace a plastic credit or debit card with a smartphone in these situations. And since 80 – 90% of users are using Samsung Pay more than once, it’s pretty clear that people are willing to exclusively use their phone to make payments if it means they can leave the credit cards at home. The only drawback here is that Samsung Pay doesn’t support online transactions just yet, but that’s certainly on the to-do list for the service.

The interview also discusses several other highlights of Samsung Pay, including the security behind it and how eager banks and merchants are to get on board. Samsung also talks about their future plans, including adding location based services and coupons to the app, and whether or not they’ll be charging banks or merchants any fees for using the service.

It’s a pretty interesting interview, so it might be worth glancing over if you’re planning on using the service in the near future.

source: Samsung Tomorrow


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