Samsung Pay hits $30m in first month

Samsung Electronics said Thursday its mobile payment solution has processed tractions totaling US$30 million in the month after its debut in South Korea.

The company officially released Samsung Pay in South Korea on August 20.

The platform, available for Samsung’s high-end smartphones, including the Galaxy S6 and the Galaxy Note 5, supports magnetic secure transmission (MST) technology that works on traditional credit card machines.

Like rivals Apple Pay and Android Pay, it also supports near field communication (NFC) that requires a separate transaction device.

Over the one-month period, Samsung said around 1.5 million transactions have been made, with 60 per cent of them being from the Galaxy Note 5 phablet, a cross between a smartphone and a tablet PC showcased in August. Samsung Pay is also accepted at some 1000 ATMs operated by local bank Woori Bank across the nation.

“Although the details on Samsung Pay usage are constantly being updated, the response we’ve received so far has been beyond our expectations,” said Rhee In-jong, Samsung Electronics VP.

“We knew Samsung Pay would be a game changer in the mobile payment industry, and now with the user data, we are seeing the greater impact it is having on consumer behavior and on the lifestyles of our customers,” Rhee added.

Samsung Pay is set to officially launch in the United States on Monday. Samsung added it will also reach Britain, Spain and China soon.