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The First Few Weeks of Samsung Pay In South Korea Has Been Successful With 25,000 Users Daily

by Czarelli Tuason / Sep 11, 2015 08:46 AM EDT
Samsung Executive Vice President Injong Rhee at the Samsung Unpacked Phone Launch at Lincoln Center | By: Steve Sands | Getty Images

Samsung Pay, the tech giant's latest mobile payment service, has launched in South Korea on Aug 20. And it looks like the first few weeks have been successful, with a daily average user of 25,000 people. A hundred thousand users more are reportedly using the service, although a breakdown of repeat customers has not been ascertained yet.

Samsung's executive vice president Injong Rhee has disclosed that an average transaction of $630,000 is done daily via the service, with multiple transactions from 80 to 90 percent of its users.

Digital Trends has noted on Thursday that banks and vendors alike are enjoying the latest mobile pay service. According to Rhee, banks are "interested in and actively participating in Samsung Pay as a mobile payment service," while vendors "are showing positive response to Samsung Pay."

In addition to Samsung Pay's launch in the South Korea, the service will also be brought to the U.S. by Sept 28. The tech giant will also be conducting beta tests for their latest mobile pay system in Spain and the U.K. as well as other countries. Rhee states that the company aims to launch the pay system in countries with reportedly high credit card usage rates, as they will be more likely to use Samsung Pay.

With a number of pay systems launched worldwide, such as Android Pay and Apple Pay, Samsung differentiates itself by utilizing Magnetic Secure Transmission (MST), the technology used in credit cards, instead of just depending on near-field communication (NFC) terminal.

This in turn allows Samsung Pay to work with most cash registers that recognize mad-stripe credit cards.

Reuters said in their article on Tuesday that Samsung has not revealed its total investment on Samsung Pay, but has already partnered with credit card firms and banks, including Chase, Visa and MasterCard.

Along with the expansion of the service in other parts of the world, the company is considering additional features - such as online payments - to enhance it. The company also plans to increase investments and acquisitions to support their software and services.

"We are looking at every company that could give some new element of differentiation for our devices," says Rhee.

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