J
Justin Herrick
Guest
Tonight, Samsung allowed us behind the curtain of its mobile payments service. The company says Samsung Pay has handled over $500 million in transactions for around 5 million users in the first six months of existing. The United States and Samsung’s home of South Korea have led with the strongest adoption rates.
Adoption rates around the world will only grow as more countries, payment networks, and banks partner with Samsung.
Samsung Pay’s global expansion starts next month when support is extended to China. Countries also joining the mobile payments later on in 2016 include Australia, Brazil, Canada, Singapore, Spain, and the United Kingdom.
People in supported countries must have the Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge+, Galaxy Note 5, Galaxy A5, or Galaxy A7 to use Samsung Pay.
Samsung Pay Continues Global Momentum in 2016
Service hits significant milestones and globally expands to new countries with partners
SEOUL – February 20, 2016 – Samsung Electronics Co. Ltd., announced that Samsung Pay, the most accepted mobile payment service that works at the majority of merchants today, has reached a global milestone – about five million registered users processed over 500 million dollars in the first six months, showing a strong adoption rate in South Korea and the U.S.* This also demonstrates that users continue to increasingly use Samsung Pay in their everyday lives for its convenience, flexibility and security.
“Since its introduction last year, Samsung Pay has changed the way people pay and use their smartphones,” said InJong Rhee, Head of R&D, Software and Services, EVP of Mobile Communications Business at Samsung Electronics. “We’ve already seen significant consumer adoption and we continue to see great momentum. Our aim is to expand Samsung Pay to even more locations around the world, and our customers should expect to see more features in the year to come.”
In 2016, Samsung Pay will start global expansion beginning with China in March, followed by Australia, Brazil, Singapore, Spain and the U.K. later in the year. Additionally, Canada will be added to the new launch roadmap. Samsung Pay is currently available on select Galaxy devices including S6, S6 edge, S6 edge+, Note5 as well as premium and mid-range options such as the 2016 models of both Galaxy A5 and A7**.
Extensive Partnership Ecosystem
Samsung Pay started its service in South Korea and the U.S. last year, and now supports eligible credit and debit cards from more than 70 major and regional banks***.
In addition to mobile payments, Samsung is partnering with BC Card, Hana Card, KB Kookmin Card, Lotte Card, NH Nonghyup Card and Samsung Card to provide a quick and easy online payment service in South Korea. By adding this new service, consumers will be able to use the Samsung Pay Fingerprint Authentication to pay online.
In 2016, Samsung Pay will support four major payment networks, including American Express, China UnionPay, MasterCard, and Visa. Many of the countries’ major banks and partners including American Express in Australia; Banco do Brasil, Bradesco, Brasil Pre-Pagos, Caixa, Itaú Unibanco, Nu Bank, Porto Seguro and Santander in Brazil; American Express in Canada; China Construction Bank, China Everbright Bank, China Guangfa Bank, China Minsheng Banking Corp, Industrial and Commercial Bank of China and Ping An Bank in China ; American Express, DBS, OCBC Bank and Standard Chartered Bank in Singapore; Abanca, Banco Sabadell, CaixaBank, El Corte Inglés and Imagin in Spain; American Express, HSBC, MBNA, Nationwide Building Society and Transport for London (TfL) in the U.K.
Samsung Pay: More Than a Payment
Samsung Pay, a secure and easy-to-use mobile payment service, can be used to make purchases nearly everywhere cards are accepted.
- SIMPLE: To make a payment on Samsung Pay, users can simply swipe up, scan their fingerprint and pay.
- SAFE: Samsung Pay uses three levels of security to enable secure payments – Fingerprint Authentication, tokenization and Samsung KNOX.
- ALMOST ANYWHERE**: Samsung Pay is compatible with the majority of existing and new terminals, allowing users to pay almost anywhere you can swipe or tap your card.
Furthermore, Samsung Pay will expand its enhanced services to more than just credit or debit cards. Users can add transit passes, coupons and membership cards, which will provide more convenient and flexible payment experiences in their everyday lives**.
The Galaxy Experience
Samsung Pay is an example of how Samsung continues to push the boundaries of hardware, software and services to create devices that are designed to improve how consumers connect, share, organize and get more out of life. The company is redefining what is possible, beyond the limits of today’s technology, by introducing a constellation of seamless mobile experiences that will orbit the most beautiful and powerful smartphones ever created.
*Samsung Pay launched in August 2015 in South Korea and in September 2015 in the U.S. market.
**Availability may vary by country and region.
***Visit www.samsung.com/pay for the list of partners that support Samsung Pay.
About Samsung Pay
Samsung Pay, a mobile payment service from Samsung Electronics, is simple, safe and available almost anywhere you can swipe or tap your card. Combining NFC with Samsung’s proprietary MST technologies, Samsung Pay provides consumers a way to pay almost anywhere you can swipe or tap a card at millions of merchant locations. Samsung continues to strategically expand its partnership ecosystem for Samsung Pay to provide greater flexibility, access, and choice for customers while enabling an easy and safe payment experience.
About Samsung Electronics Co., Ltd.
Samsung Electronics Co., Ltd. inspires the world and shapes the future with transformative ideas and technologies that redefine the worlds of TVs, smartphones, wearable devices, tablets, cameras, digital appliances, printers, medical equipment, network systems, and semiconductor and LED solutions. We are also leading in the Internet of Things space with the open platform SmartThings, our broad range of smart devices, and through proactive cross-industry collaboration. We employ 319,000 people across 84 countries with annual sales of US $196 billion. To discover more, and for the latest news, feature articles and press material, please visit the Samsung Newsroom at news.samsung.com.
Come comment on this article: Samsung Pay handled over $500 million in six months
Visit TalkAndroid for Android news, Android guides, and much more!
News via TalkAndroid