Samsung Pay Passes 5,000,000-User Mark

Samsung Pay Passes 5,000,000-User MarkIn its first six months of operation, Samsung Pay has reached five million users and has processed more than 500 million in transactions, Samsung has announced.

It’s a sign of the service’s popularity and momentum, which Samsung has been keen to emphasize as it has sought to compete against rivals like Android Pay and particularly Apple Pay. One of its key technology partners—LoopPay—has provided one of the mobile wallet’s key features, the magnetic stripe transmission technology that enables contactless payments even with traditional swipe-based card readers.

That technology has helped to establish Samsung Pay as perhaps the top competitor alongside Apple Pay in the overall mPayments market, and it appears likely that the competition will heat up as Samsung Pay moves into the China market alongside Apple Pay this quarter. Moreover, in its statement announcing the platform’s progress, Samsung asserted that its China debut will be followed by launches in Australia, Brazil, Canada, Singapore, Spain, and the UK later in the year.

Commenting on the platform’s success, Samsung Pay head Injong Rhee said, “We’ve already seen significant consumer adoption and we continue to see great momentum.”