Samsung Pay has grown to become a global force in electronic payment system even though it is relatively young. Numerous financial institutions in various countries now support this payment platform because it is safe and easy to use. Unsurprisingly, reports have it that Samsung Pay was utilized by 6.44 million in September which makes it the most popular online transaction platform in South Korea.
Industry tracker WiseApp on Android users was used to compile this data. This result implies that Samsung Pay is now ahead of ISP/Paybooc with 3.99 million users, Shinhan Fan with 2.64 million and Toss with 2.2 million users. Presently, there are 37 million Android users in South Korea and the survey showed that a few persons did not add payment systems that can be used without an app. This result is a strong boost for Samsung Pay because as it September last year, it had only 3.22 million users in South Korea.
This payment platform is comfortable to use because it works wherever you have Near Field Communication (NFC) or with Samsung’s patented Magnetic Secure Transmission (MST) technology and because MST at PoS terminals. MST 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. Shoppers can securely pay for their purchases using their Samsung smartphone or smartwatch.
As of now, Samsung Pay is available in 20 countries and works with most of the mid-tier and high-end Samsung devices such as the Galaxy S8, Galaxy S8 +, Galaxy S7 Edge, Galaxy S7, Galaxy S6 Edge+. Others include the Galaxy S6, S6 Edge (NFC only), Galaxy Note 5, Galaxy A7 (2017), A5 (2017), A3 (2017), Galaxy A7 (2016), A5 (2016), Galaxy J7 (2017) and Galaxy J5 (2017). Samsung Pay is also available on the Tizen running Samsung Gear S2 and Gear S3 Classic and Frontier since April this year. The smartwatches don’t only support contactless payment but can also be used where contactless cards are not supported. Apart from fees that may be charged by partner banks where available, Samsung doesn’t charge anything for the use of the Samsung Pay payment platform.
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