Samsung has announced that in South Korea, 100,000 transactions are made through Samsung Pay each day, with $88 million USD in payments having been processed since the platform’s debut in that country toward the end of August.
Only a month after its launch, Samsung was already boasting that one in 10 Koreans used the mPayment system on a daily basis, and that $30 million in payments had already been processed, with 500,000 users on board. That suggests very strong growth, though there are now reports that Samsung Pay now has over a million users, and given that South Korea has a population of over 50 million, this new figure suggests that Samsung may have been exaggerating a little with its one-in-10 claim.
The hype is to be expected, though. As it rolls out its platform elsewhere in the world, Samsung is going up against a comparatively well-established rival in Apple Pay and another upstart in Google’s Android Pay. Moreover, the launch of Samsung Pay in the US at the end of last month was immediately followed with revelations surfacing that LoopPay, the provider of Samsung Pay’s core mPayment technology, suffered a potentially serious hack attack earlier this year. The extent of that security breach still isn’t clear, though Samsung has stated that its mobile wallet has not been affected.
Nevertheless, Samsung has continues to make strides, with major American telecom Verizon having recently offered support for the service, and plans for a broader rollout reportedly underway.