November 22, 2024

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[THE INVESTOR] Accumulated payments made with Samsung Pay surpassed 10 trillion won ($8.77 billion) in two years since the mobile payment service was launched, Samsung Electronics said Sunday.

Use of the mobile pay service nearly quadrupled in a year after reaching 2 trillion won in the first year, the company said. 

A rapid increase in online payments via Samsung Pay contributed to the growth, which accounted for more than 30 percent of the total payments.

Samsung Pay is currently available in 18 countries on Samsung’s Galaxy S series smartphones and mid-end Galaxy A and J series phones. Samsung has partnered with American Express, Visa Card, Master Card and China’s Alipay for commercialization of the service in overseas markets.

On the latest Galaxy S8 series smartphones, the pay service has been enhanced with the voice-activated Bixby to view the user’s account and transfer money.  

By Song Su-hyun / The Korea Herald (song@heraldcorp.com)