Samsung Pay Racks up W40 Trillion in Transactions

  • By Park Soon-chan

    May 15, 2019 13:41

    Samsung Pay, Samsung's mobile payment service, crossed the W40 trillion mark in accumulated transactions, according to a spokesman on Tuesday (US$1=W1,189). It boils down to W30 billion worth of transactions every day.

    The number of subscribers has also surpassed 14 million since the service started in August 2015.

    The service allows its users to make purchases just by swiping their smartphone over a card terminal if they have stored their credit card information in it.

    So far it is only available on the Galaxy S6 and higher phones. But more and more people no longer carry wallets at all, wreaking a profound change in payment culture over the course of just a few years.

    Many were skeptical when Samsung Pay made its debut, but consumers seems to have embraced it wholeheartedly. According to the Financial Supervisory Service, Samsung Pay accounted for about 80 percent of all offline payments in the country last year.

    A Samsung Pay executive said, "We're continuing to increase Samsung Pay's service range from payment for simple purchases to overseas remittances, transport fare payments, and currency exchange." 

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