April 20, 2024

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[THE INVESTOR] Samsung Electronics’ mobile payment system, Samsung Pay, boasted 8.86 million users in July in Korea, making it the most popular Android-based financial app, data showed on Aug. 14.

According to the data compiled by industry tracker WiseApp, Samsung Pay saw its number of users move up 53 percent from 5.78 million posted last year.

The data is based on a survey that was conducted on 23,000 Korean users of Android smartphones.

Samsung Pay is a mobile payment platform installed on major Samsung smartphones. The service works on traditional credit card machines based on magnetic secure transmission technology and also supports near field communication payments.

The second-most popular financial app among Android users in Korea in the month was NH Smart Banking, operated by NongHyup Bank, with 5.32 million users. KB Kookmin Bank followed with 4.54 million users, with ISP/Paybooc holding 3.98 million users.

KakaoBank and TOSS held 3.49 million and 3.42 million users each in July, WiseApp added.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)