Samsung Electronics announced on Oct. 25 that the number of Samsung Pay users in Korea topped one million two months after the release of the mobile payment service. According to Samsung Electronics, the number of average daily payments via Samsung Pay has risen to 100,000 recently, most of which were made at convenience stores, department stores, supermarkets, and restaurants.
Cumulative payments exceeded 100 billion won (US$88 million). Likewise, daily average payments increased from approximately 800 million won (US$705,192) to over 2 billion won (US$1.8 million) between the early stage of the service and recent days. Samsung Pay comes with magnetic security transmission (MST), allowing payments to be made when a magnetic card terminal prepared at a store is brought into contact. The payment process takes about three seconds.
Samsung Pay supports not only offline payments but also online payments using a Samsung Card, and cash withdrawals at Woori Bank ATMs. Samsung Electronics is planning to add membership and public transit card features to Samsung Pay before the end of this year, so as to increase user convenience and attract more customers.