Samsung Pay is a mobile wallet and payments service thats Samsungs answer to Apple Pay and Googles Android Pay. While still in its beginnings, Samsungs mobile payment service is shaping up as a strong player.
Samsung Pay made its debut in Samsungs home country of South Korea on August 20, 2015. Samsung has yet to provide official numbers on the adoption rates, but Business Korea now reports that Samsung Pay has already exceeded 500,000 users. According to the publication, both Samsung and the ICT Industry were surprised to see these high adoption rates for the mobile payments service.
With such a strong start in South Korea, Samsung is reportedly boosting its efforts to expand the availability of the service to other markets as well. Samsung Pay is set to launch in the US on September 28, 2015, hit China by the end of this year, and launch in Europe, including the UK and Spain, at some point as well.
Samsung has already teamed up with major financial companies to set up distribution networks and Samsung Pay is bound to expand its global availability even more in time. For now, Samsung has signed deals with Bank of America, Visa, MasterCard and US Bank in the US, and it also finalizing its deal with Chinese card issuer UnionPay.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now