‘Samsung Pay’ Reaches 2 Trillion Won in Accumulated Transactions in South Korea

Samsung Electronics Corporation's mobile-payment service particularly, the so-called 'Samsung Pay' has reached 2 trillion won in accumulated transaction volume in South Korea.

According to Samsung, based on the accumulated transaction volume, the value of fingerprint-identification mobile payments that started this year, reached about 500 billion won.  Moreover, the record that they got came about a year earlier after the launch of mobile-payment service at home.

Samsung Pay is a mobile payment service that works almost anywhere you can swipe or tap your card. You can use it from local grocery stores to corner coffee shops to taco trucks, it's highly secure and simple to use.

Samsung Pay uses both NFC and MST (magnetic secure transmission) to make wireless payments. All of the user just need to do is tap their phone to the payment terminal, touch the fingerprint scanner for authentication, and you're all finished. This is done with NFC, but it's also backwards compatible with all swipe-based magnetic payment terminals.

Samsung already launched the 'Samsung Pay' in different countries such as Spain, China, Singapore, Australia, Brazil, and United States. Including South Korea, Samsung has recorded about 100 million mobile-payment transactions globally.

Furthermore, Samsung created partnerships with about 440 banks worldwide and major payment networks such as American Express and China Union Pay.

There is a continuous expansion of the mobile-payment service globally in order to make transactions faster and easier for many people. The company plans to expand the reach of their mobile-payment services all over the world.