Samsung Pay 2016 AH (3)

Samsung Pay Reaches 5M Registered Users & Next Stop Is China

February 19, 2016 - Written By John Anon

In a couple of days time, Samsung will take to the stage ahead of MWC and introduce their latest handsets in the form of the Galaxy S7 and S7 Edge. However, these are devices which among other things, will be compatible with the company’s mobile payment solution, Samsung Pay. Interestingly, just ahead of the devices being introduced, Samsung has announced an update on Samsung Pay and one which highlights how the payment solution is currently doing.

According to the details, Samsung has now confirmed that since the payment method launched late last year, it has processed more than $500 million dollars. This in addition to seeing the payment method being adopted by more than 5 million users worldwide. Figures which seem to be quite impressive considering the service has only been active for the last six months. However, Samsung does note that the regions in which they have seen the ‘strongest adoption’ is in the U.S. along with their home market, South Korea. In addition to the details on what Samsung Pay has achieved so far, the announcement also provides some insight into what can be expected from Samsung Pay going forward. Most notable the announcement confirms this year will see Samsung Pay progressing with its global expansion plans. According to the details, this will commence with Samsung Pay going live in China from as early as March. Which is in line with the time-frame Samsung provided back in December of last year. Following which, further rolls out will take place later in the year for Australia, Brazil, Singapore, Spain and the U.K. The announcement also details that Canada will be added to the roadmap going forward, although details on when Canada will see Samsung Pay arrive was not currently provided.

Lastly, the announcement also does provide information on the general compatibility with financial institutions or as Samsung puts it, their “Extensive Partnership Ecosystem”. The announcement details that throughout the rest of this year, they will be expanding their partnership ecosystem to include more companies and institutions, specifically naming American Express, China UnionPay, MasterCard, and Visa. A move which would likely see the number of users and transactions greatly increase. Those interested can read up on Samsung Pay in more detail by heading through the source link below.