Samsung Pay service makes its first impression

Samsung Pay service makes its first impression

26 AUG 2015

Samsung Pay, which launched in South Korea on 20 August, attracted more than 80,000 credit and debit card registrations in its first five days, according to Business Korea.

Citing banking sources, the report said more than 10,000 credit or debit cards were registered for the payment service on its first day and the pace stepped up subsequently.

South Korea is the first market where Samsung Pay has been offered, and will be followed by the US (28 September), with the UK, Spain and China to follow at unspecified dates.

Take-up in Samsung’s backyard is credited to a number of factors,  including the ease of using its fingerprint authentication. Also cited is Samsung Pay’s support of magnetic secure transmission (MST) technology, which enables payments to be accepted wherever magnetic stripe cards are accepted.

In addition, Samsung Pay is preloaded on the new Galaxy Note 5 and Galaxy S6 Edge + devices, which were recently launched in South Korea and appear to have sold solidly. In addition, the Galaxy S6 and Galaxy S6 Edge devices are being updated with the payments app, bumping up future growth.

Author

Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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