Success for Samsung Pay will mean a penetration rate among available users of between 15 to 20 per cent, according to one of the vendor’s senior executives.
“What is the criterion that we can say we have a very successful mobile payment service?,” asked Injong Rhee (pictured), Samsung’s EVP of its B2B & Payment Group during an investor forum.
He stated the vendor is aiming for a penetration of between 15 to 20 per cent of those users who have phones capable of accessing Samsung Pay.
The executive emphasised its metric is number of users, not transaction volumes, in determining success.
Earlier, he referenced a report that only nine per cent of iPhone 6 and iPhone 6 Plus users had tried Apple Pay, the leading rival to Samsung Pay.
On that basis, the Samsung target appears bullish, although the Korean firm claims it can hit a wider demographic because its system supports both NFC-enabled terminals, as well as older, magnetic-stripe card technology.
The Samsung executive also spelled out more about the rollout of the payment service. Samsung Pay will first launch in the US and Korea “in the September timeframe”, he said, to coincide with the launch of its next flagship device.
Previously, Samsung Pay availability in the two markets was pencilled in for the second half of 2015.
The US and Korea will be followed by China, Europe, Australia and markets in South America, he said.