[Photo provided by Samsung Electronics Co.]
Total transaction volume of Samsung Pay, a mobile wallet platform of South Korea’s Samsung Electronics Co., exceeded 40 trillion won ($33.7 billion) as of April with the number of subscribers surpassing 14 million, the tech giant announced Tuesday.
Samsung Pay achieved 2 trillion won in accumulated transaction volume in 12 months since its launch on August 2015, and hit 10 trillion won in 24 months, 20 trillion won in 33 months and 30 trillion won in 39 months.
The mobile payment service accounted for 80 percent of the offline simple payment market in Korea in 2018, according to the Financial Supervisory Service. Online payment took up a quarter of all transactions of Samsung Pay, the company said.
With an aim to provide more convenient payment experiences to consumers, Samsung Pay has released various services including overseas remittance, pre-pay card, transit card, membership and deposit/withdrawal.
In partnership with local commercial lender Woori Bank, Samsung Electronics has launched currency exchange service supporting 15 currencies including the U.S. dollar, yen and euro, where users can apply for the service via Samsung Pay app and exchange money at Woori Bank branches. First-time users can receive a fee-free exchange service for major currencies by June 12 as part of a promotional event.
Samsung Electronics said it would further explore ways to enhance convenience of payment service users by bolstering ties with companies engaging in various businesses.
By Hwang Soon-min and Choi Mira
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]