(23 August 2017 – South Korea) Samsung’s mobile payment service, Samsung Pay has hit 10 trillion won (A$11.1 billion) in accumulated transaction volume in South Korea, the company has announced.
The service was launched in its home market in 2015, had 2 trillion won of transactions in its first year. Over the last two years, it has expanded into the United States, China, Spain, Australia and Singapore.
Of the total volume, 30 percent was made via online platforms, according to the technology giant. That means that for many of its users, it is replacing physical credit cards at point of sale and while shopping online.
Samsung Pay has forged partnerships with hundreds of banks worldwide and major payment networks, such as American Express and China UnionPay, the company said.
Recent reports suggest Samsung is considering helping to deliver the system to rival companies’ smartphones, a move that could help it to eclipse rival Apple Pay, which is restricted to the Apple ecosystem.