Samsung's mobile payments service, Samsung Pay, has 5 million registered users and processed USD 500 million in transactions since its launch in August 2015.
Samsung Pay is currently available in both the US and South Korea and the company says it's continuing to partner with new banks to increase its number of card issuers.
In total, more than 70 banks and credit unions in the US now support Samsung Pay and and it has laid out plans to expand the service to Brazil, Australia, China, Singapore, Spain, and the UK.
In comparison with Apple Pay, it’s competitor, it lags far behind: Apple Pay is supported by more than 90 percent of the US market, as well as banks in the UK and China and American Express in Canada and Australia. Still, Samsung has a different technology behind it, the magnetic secure transmission technology, which it obtained by acquiring the startup LoopPay last year and allows Samsung Pay to work on older point-of-sale terminals. Apple Pay and Google's Android Pay require newer, near-field-communication terminals to do contactless payments in stores.
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