Samsung Pay crosses 1 million users

by: Nirave GondhiaOctober 26, 2015
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Samsung Pay press

Samsung’s mobile payment solution is increasing in popularity in the company’s home market, with Samsung reporting that Samsung Pay has now crossed 1 million users in the two months since it launched in Korea.

Samsung Pay handsets:

According to the company, the increase in users has seen average daily payments exceed 100,000 and users find that Samsung Pay is the perfect way to settle small bills in convenience and/or department stores, supermarkets and restaurants. The increase in daily transactions has also seen an increase in average payments per day from $705,000 (800 million won) to $1.8 million (2 billion won) and cumulative payments exceeding 100 billion won ($88 million).

Mobile payments is proving to be a fast-growing category, with Samsung joining the likes of Apple and Google getting involved in m-commerce. Apple Pay was arguably the first mainstream mobile payment solution and Samsung closely followed, although it’s taken several months to launch. With its new Android Marshmallow OS, Google has sought to make Android Pay a big challenger in the market and while we’re yet to see a mass rollout, it’s likely to be in the very near future.

Where Samsung Pay has the potential to be better than its competition is in its technology; while all m-payment solutions support payments via NFC – which replicates the experience of using a contactless payment card – Samsung Pay is the only to support MST (Magnetic Security Transmission), which allows it to be used at almost all retailers. Using Apple Pay or Android Pay requires retailers to support contactless payments but MST means Samsung Pay can be used with any retailer who supports either NFC or swipe cards.

At the moment, Samsung pay can be used for both, offline and online payments (using a Samsung card), as well as Cash withdrawals at Woori Bank ATMs. Samsung plans to extend the functionality of Samsung Pay by adding support for membership and transport cards before the end of this year. We’re yet to see how well Samsung Pay does outside of its home market but it’s likely that Samsung will launch its global rollout in the coming months.

  • philnolan3d

    Just wait until they get some banks working with them!

    • ConceptVBS

      THIS! In the US, we need Wells Fargo and Chase to jump on board. Come on banks do your thing!

      • The-Sailor-Man

        US must defend Apple. Or you are not a patriot?

        • Phyl O Butoyi

          Hahahaha such a retarded post. Patriot?

      • Edward Robinson

        Yeah I just opened a account with Bank of America for the sole purpose of using Samsung pay since it’s 1 of 4 banks that currently support it. Can’t wait to get my card in the mail.

      • tim242

        Chase along with several other banks, have announced they will be joining by the end of this year.

  • Daggett Beaver

    Holy crap guys, google it before you scroogle it. Magnetic SECURE Transmission. And MST isn’t why Samsung Pay can be used at any retailer that supports NFC. Samsung Pay and Samsung phones use both MST and NFC, which is why Samsung Pay can be used at any retailer that supports NFC. So many errors, so little text.

    • Diego

      Dude that tech is old.
      It can be hacked easily.
      Why did you think apple and google didn’t go with the tech.

      • AbbyZFresh

        It may be old but it is still the most used form of transaction out there. People just arent comfortable paying with their phones just yet.

      • 1213 1213

        Because Samsung needed to acquire a patent for new tech that had to be implemented in the hardware to even use.

        • Diego

          Naw man samsung wanted the easy way out.

          • 1213 1213

            It uses the same tech as the others, so no easy way out. Its just compatible with MST, making it better as you can use it pretty much everywhere.

          • Diego

            We need android and apple pay for mobile payments to become popular.

      • The-Sailor-Man

        Old or not , its the most popular. And still many years to go. All over the World. And Samsung support ALSO the NFC method.
        Not easier to hack than NFC though.
        Just calm down man. Google was first, Apple made the hype, Samsung took the cake.

        • Diego

          You misunderstood my comment. but thats ok.
          What I am saying is why can’t I buy a loop pay the company behind samsung pay, why can’t I buy a card from them so I can have samsung pay but with out having to buy a samsung phone?
          Oh and if you go to another country you have to explain to the cashier how to use your mobile Wallet.
          So I suggest you still carry your Credit card.

      • tim242

        If that were true, the 4 major CC companies would not be on board. Try harder.

  • Wjdzm

    “…Samsung Pay is the only to support MST (Magnetic Security Transmission)…”

    jesus… I can’t believe what I’m reading.

  • Android Developer

    How does its popularity compares to Apple’s and Google’s ?

  • The-Sailor-Man

    Samsung smashed them all down here.
    Google was the first, Apple made the hype(of course), but Samsung took the cake. LOL

  • eNVy

    Seriously Wells Fargo it’s been long enough

  • MegaMind

    Seriously? I was using nfc payments on my nexus 4 through Google wallet at a local retailer while apple was still telling us 3.5 inch screens were the perfect size. Apple pay has increased the introduction, but android was first, androidauthority…..psssh