• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

Mobile ID World

Mobile ID World

Identification Revolution

  • Mobile ID
    • What Is Mobile ID?
    • Identity Associations
    • Premier Partners
    • FAQ
  • News
  • Solutions
    • Behavioral
    • Facial Recognition
    • Fingerprint Biometrics
    • Iris Biometrics
    • Second Factor
    • Smart Cards
    • Smartphones
    • Vital
    • Voice
    • Wearable Tech
    • Other
  • Applications
    • Access Control
    • Cloud Technology
    • Commerce
    • Enterprise
    • Healthcare
    • Identification
    • Internet of Things
    • Law Enforcement
    • Strong Online Authentication
  • Exclusive
    • Interviews
    • Featured Articles
    • Podcasts
  • Companies
  • Events

Samsung Pay Purchases Quadrupled in Its Second Year

August 21, 2017

Samsung is celebrating a big new benchmark for its mobile payment platform: The company has announced that Samsung Pay has processed 10 trillion won, or about $8.77 billion, in transactions in South Korea since its launch in 2015.Samsung Pay Purchases Quadrupled in Its Second Year

It’s a particularly significant figure because it points to a rapidly escalating rate of growth. Samsung said the service had processed two trillion won in payments at its one-year anniversary, so its use seems to have quadrupled in the ensuing year. That seems to reflect growth for the mobile payments market more broadly, with Juniper Research having predicted at the start of this year that mobile wallet spending around the world would rise 32 percent in 2017, with PayPal leading the pack.

Also notable is the fact that Samsung says 30 percent of Samsung Pay’s transactions were done online, meaning that for many users it’s replacing their physical credit cards not just when they’re shopping in stores, but also when they’re shopping on their computers or laptops.

Going forward, Samsung Pay could be in for even more explosive growth, with a recent report suggesting that Samsung is considering helping to deliver the system to rival companies’ smartphones, a move that could help it to eclipse rival Apple Pay, which is restricted to the Apple ecosystem.

Sources: The Korea Herald, Yonhap News Agency

Related News & Articles

WSO2 Launches New CIAM Solution for Customer-Facing Apps

Airport Retailer to Implement Amazon’s ‘Just Walk Out’ Payment Tech

Tasmania to Create Centralized Portal for Government e-Services

Primary Sidebar

Learn About Mobile ID and Aviation

Tweets

Sponsored Links

facetec logo

FaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

FACEPHI is a global leader in Facial Recognition technology and in Mobile Biometrics technologies. With a strong concentration in the financial sector, FacePhi’s product is rapidly becoming a service used by banks all over the world. Its implementation doesn’t just save money, it is also a way to attract clients and build loyalty, while increasing the security of transactions for both the customer and the business. To learn more about FacePhi, visit https://www.facephi.com/en/

Recent Posts

  • Worldcoin Aims to Support Digital ID Development With $5M Grant Program
  • NIST Should Be Tasked With mDL Standards, Experts Tell Congressional Hearing
  • Circle Security Leverages Mobile Biometrics for ‘Credential-Free Authentication’
  • Czech Legislation Paves Path to Mobile ID
  • ECOWAS Seeks Partner for Digital ID Roadmap

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2023 MobileIDWorld