April 23, 2024

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[THE INVESTOR] Samsung Pay exceeded 10 million users here last month, less than three years since its debut. 

Samsung Electronics on April 2 said its total transaction value topped 18 trillion won (US$17.10 billion) since the service was launched in Aug. 2015. Following the debut, it attracted 1 million users within two months, with accumulated transaction reaching 2 trillion won in the first year and 10 trillion won in the second year. 

Samsung Pay is currently the dominant player in the market, but the competition is expected to further heat up as rivals such as Naver Pay and Kakao Pay are aggressively expanding their market share. 

Samsung has also been quickly expanding its service abroad. Since its debut in the US in Sept. 2015, the platform is available in 21 countries, including China, Spain, Singapore, India, Russia, Hong Kong, UK and most recently, Italy. 

Samsung Pay is also available on low-budget models, including Galaxy A and J series.

By Ahn Sung-mi (sahn@heraldcorp.com)