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Peter Holden
Guest
It would be fair to say that Samsung’s mobile payments system, imaginatively named Samsung Pay, is doing pretty well for itself. Samsung Pay first launched in Korea, and more recently in the United States at the tail-end of August, and the Korean electronics giant has recently announced that more than 1 million people have used the service in its homeland in the two months since its official launch.
According to Samsung, Samsung Pay accounts for more than 100,000 transactions every day, with a financial value of 2 billion won ($1.8million) daily. Since its launch, Samsung Pay has been responsible for more than 100 billion won ($88 million) in transactions.
$88 million may not sound like much when you think of the billions in profit that a company like Samsung generates, but if you think, Samsung Pay is only compatible with a very select number of handsets, namely the Galaxy S6, S6 edge, S6 edge+ and Note 5. Much like a snowball, as more compatible handsets become available in the coming months, more and more transactions will be made using the service.
Source: BusinessKorea
Come comment on this article: Samsung Pay has more than 1 million users in South Korea
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