$30m in Transactions in Samsung Pay’s First Month

$30m in Transactions in Samsung Pay's First MonthIt looks like Samsung Pay is a smash hit in South Korea, Samsung’s home turf and the first country in which the mPayment service has launched. In its first month, it has been used in over $30 million-worth of transactions.

Samsung says that between its August 20th launch in the country and September 20th, it has been used in 1.5 million transactions, and that about one in 10 Koreans use the service on a daily basis. That’s very impressive market penetration, but how impressive is it compared to the current global mPayment leader, Apple Pay? We don’t know; Apple has so far refused to disclose official numbers about its own service. That has left market analysts to more or less guess, with some suggesting that it has failed to take off among consumers, and others predicting that it has seen steady growth since its launch.

Meanwhile, Samsung Pay’s march continues, with a US release date right around the corner, and a new ad taking a playful jab at Apple Pay’s relative lack of compatibility with merchants due to its requirement that POS terminals have NFC readers. (Samsung Pay works with traditional swipe-based POS readers as well as NFC readers.) And Samsung plans to launch Samsung Pay in Europe and China soon too – possibly by the end of the year.

Source: CNBC