Samsung Celebrates Growth of Samsung Pay at One-Year Anniversary

Samsung is celebrating the one-year anniversary of its Samsung Pay mobile payment platform.

Samsung Celebrates Growth of Samsung Pay at One-Year AnniversaryThe company says that since its launch, the service has processed almost 100 million unique transactions, and has seen more than four million loyalty and rewards cards uploaded. Samsung also reports that it now has 440 bank partners for Samsung Pay, and that the platform has processed over two trillion won in transactions in its home base of Korea.

It’s hard to say how these numbers compare against other mPayment platforms. It’s a new market with emerging metrics, and Apple, the company behind what appears to be Samsung Pay’s main rival, hasn’t offered much by way of concrete numbers regarding usage of Apple Pay; as Business Insider reports, a recent corporate update offered only that Apple Pay has “tens of millions” of users around the world, saw year-over-year growth of 450 percent, and accounts for about 75 percent of contactless payments in the US. (It is known to have a roster of financial institution supporters numbering well over a thousand, however.)

Still, the numbers should be encouraging for all concerned. Apple Pay and Samsung Pay aren’t technically in direct competition—they’re restricted to discrete hardware and software ecosystems—and growth for both suggests a mass market that is warming up to the concept of mPayments in general.