Samsung Pay Gets 500,000 Users in First Month in South Korea

Samsung Pay Gets 500,000 Users in First Month in South KoreaSamsung Pay appears to be a hit in South Korea. Having launched on August 20th, the mPayment platform now has 500,000 subscribers, and is expected to reach the one million mark in a month or two.

It bodes well for the further rollout of the service, with a US launch planned for September 28th, and a beta test already underway in the country. Samsung has also been negotiating with partners like MasterCard in preparation for the launch of Samsung Pay in Europe, and according to BusinessKorea it’s also in talks to roll out the service in China, perhaps even by the end of the year.

Samsung’s openness about adoption rates of its mPayment service stand in stark contrast to Apple’s approach; the latter has so far refused to reveal hard numbers about the use of Apple Pay. That has compelled market researchers to do their own investigative work, with mixed results. One recent report found that use of the service is steadily increasing in the US as more consumer buy Apple mobile devices, while another study found that few iPhone 6 users take advantage of Apple Pay.

If Samsung Pay continues to build momentum as it spreads around the world, and if Google is similarly open about adoption rates of its recently-launched Android Pay platform, Apple may soon be forced to be a little more forthright about how it’s faring against its competitors.

Source: BusinessKorea