Home Samsung Pay records over 10 trillion Won ($ 8.77 billion) since inception

Samsung Pay records over 10 trillion Won ($ 8.77 billion) since inception

Samsung Pay is a new payment platform which was introduced by Samsung two years ago to facilitate payment for goods and services. The growth and development of Samsung Pay have extended to countries such IndiaUK, AustraliaRussiaUAE, etc. Some months ago, 38 more Australian banks were added to the Samsung Pay platform, and now, even more, have joined the platform.
Yesterday, Samsung Electronics said that accumulated payments made with Samsung Pay have exceeded 10 trillion Won ($ 8.77 billion) since the payment platform was launched in 2015. In the first year, the payment service amassed 2 trillion Won ($1.8 billion) and in the second year, it got almost four times the amount it recorded in the first year. Over 30% of Samsung Pay payments are online payment and this greatly boosted the growth of the payment service.
Presently, Samsung has collaborated with American Express, Visa Card, Master Card and China’s Alipay for commercialization of the payment platform in overseas markets. Samsung pay is currently available for Samsung’s Galaxy S series, Galaxy A, and Galaxy J series phones in 18 countries. Bixby, Samsung’s voice assistant has been used to enhance Samsung Pay on the Galaxy S8 and users can view their account and transfer money by simply saying so.
Samsung Pay utilizes Near Field Communications (NFC) just like other payment platforms. This enables a secured transmission of card information to the retailers. Samsung also uses its patented Magnetic Secure Transmission (MST) because some retailers do not have NFC in their system. MST replicates a card swipe by wirelessly transmitting magnetic waves from the supported Samsung device to a standard card reader and it works as an alternative to NFC for card terminals that do not have an active NFC. This allows Samsung Pay to function almost anywhere cards are accepted.

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.