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Samsung exec discusses initial Samsung Pay results

Samsung Executive Vice President Injong Rhee has been sharing a little about Samsung Pay's early results and what the company has planned for its future.

Published onSeptember 9, 2015

Samsung Pay press

Samsung Pay may only have gone live in South Korea last month, but the service is already apparently off to a strong start. Samsung Executive Vice President Injong Rhee has been sharing a little about the mobile payment system’s early results and what the company has planned for its future.

Since its launch on August 20th, Samsung claims a registration average of 25,000 Samsung Pay customers each day, which suggests that around half a million people are already signed up to make transactions. In terms of transactions, Samsung boasts an average of KRW 750 million ($0.63 million) passing through its system each day.

“The strongest point of Samsung Pay is that it will be able to allow users to make payments with credit cards, rewards cards, gift cards, department store cards and store-brand cards with a single mobile device, rather than a stuffed wallet, thanks to MST technology.”

Furthermore, the company estimates that around 80 to 90 percent of all Samsung Pay users so far have made more than one transaction with the system, which suggests that customers are happy to use the system again after a first test. As reported earlier, the Galaxy Note 5 is leading the way with Samsung Pay adoption, as the majority of owners are apparently using the service in South Korea.

“Samsung Pay is provided to users, banks and credit card companies without charge so there is no profit generated from the service itself, as of now… We can certainly offer more value-added services in the future if they are proven to provide greater value to users.”

Looking to the future, Samsung is still on track to launch its mobile payment technology in the US on September 28th. Beta tests in Spain and the UK are also planned and Samsung says that it will be looking at countries with high credit card usage as the best places to launch its payment service.

Video demo: here’s how Samsung Pay will work in stores

The company is also planning to introduce an online payment solution that links directly to Samsung Pay. This will allow consumers to shop online using their fingerprint to verify transactions, rather than typical account passwords. Samsung says that it is preparing a transport card function as well.

Further down the line, Samsung may also launch a service to offer customers a Samsung Pay card number without the need to own a physical card. Whether or not Samsung would do this on behalf of its payment partners or is looking to enter the financial business itself is not clear, but such a move could certainly drive further adoption.

You can read the full interview at the source link below.

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