Citing banking sources, the report said more than 10,000 credit or debit cards were registered for the payment service on its first day and the pace stepped up subsequently.
South Korea is the first market where Samsung Pay has been provided, and will be followed by the US (September 28, 2015), with the UK, Spain and China to follow at unspecified dates.
Take-up in Samsung’s backyard is credited to a number of factors, including the ease of using its fingerprint authentication. Also cited is Samsung Pay’s support of magnetic secure transmission (MST) technology, which enables payments to be accepted wherever magnetic stripe cards are accepted.
In addition, Samsung Pay is preloaded on the new Galaxy Note 5 and Galaxy S6 Edge + devices, which were recently launched in South Korea and appear to have sold solidly. In addition, the Galaxy S6 and Galaxy S6 Edge devices are being updated with the payments app, bumping up future growth.
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