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Samsung Pay records net loss of USD 16.8 mln

Friday 11 March 2016 | 10:06 AM CET

Samsung Pay has recorded a net loss of USD 16.8 million since the mobile payment service was unveiled in March 2015.

According to Samsung Electronics’ 2015’s audit report, Samsung Pay recorded USD 4.12 million (4.956 billion KRW) and USD 16.8 million (20.167 billion KRW) in sales and net loss respectively in 2015. Its debt and net worth were USD 23.6 million (28.388 billion KRW) and USD 10.5 million (12.607 billion KRW) respectively.

Although Samsung Pay’s tangible asset including its real estate was USD 1.01 million (122 million KRW) based on the report, its intangible asset was close to USD 16.9 million (20.293 billion KRW). This is because Samsung Electronics highly praised Samsung Pay’s MST (Magnetic Secure Transmission) technology and payment solution technologies.

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