A person makes a payment using Samsung Pay. [Photo by Samsung Electronics Co.]
Samsung Electronics Co. said Monday that its mobile payment service Samsung Pay has surpassed 10 trillion won ($8.78 billion) in transactions in the first two years since its launch in South Korea.
The transaction volume nearly quadrupled in a year after hitting 2 trillion won in its first year thanks to the rapid growth of the online payment service, which accounted for over 30 percent of all payments.
Unlike other payment systems that require a series of verification hurdles, Samsung Pay is more convenient because it offers a one-stop authentication process using biometric technology, such as facial recognition or iris scanning. Payments can be made in nearly all online stores via mobile device or PC.
The South Korean tech giant has widened the user base by installing Samsung Pay on not only its premium Galaxy S and Galaxy Note series but also the lower-end Galaxy A and J series.
Samsung Pay is available in 18 markets, including South Korea, China, Spain, Australia, Singapore, Switzerland, the U.K., and the U.S.
It has partnered with major banks worldwide as well as with American Express, Union Pay, Master Card, Visa and China’s online payment service Alipay.
The Samsung Pay platform now includes a cash receipt mobile card so that users paying in cash can simply present the card to be issued a receipt. The digital voice assistant Bixby has also been mounted on the Galaxy S8 series to allow users to check their account and make wire transfers on voice command.
By Lee Dong-in
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