Samsung Pay's Annual Growth Hits 100% In South Korea: Data

Samsung Pay is enjoying an annual growth of approximately 100 percent in the company's home country, according to app tracking company WiseApp. The Android app had around 6.44 million Korean users last month, exactly twice as much than in September 2016, as revealed by the data WiseApp publicized on Wednesday. The figure suggests that Samsung's mobile payment platform is by far the most popular service of its kind in the Far Eastern country, with WiseApp's findings indicating that it's likely to maintain its momentum in the short term. The market analytics company based its conclusions on a survey encompassing a representative sample of 2,300 owners of Android smartphones in South Korea and didn't count those who used Samsung Pay less frequently than once per month.

ISP/paybooc is the second most popular mobile payments app for Android devices in South Korea, according to the same research which puts its number of monthly users at 3.99 million. The third largest platform of its kind in the country is Shinhan Fan which approximately 2.64 million Korean consumers use on a monthly basis, with Toss following close behind and boasting 2.2 million users, WiseApp said. The research didn't explore how many services have overlapping users but that number may not be significant seeing how it's likely that around 37 percent of owners of Android devices in the country that's quick to adopt new technologies rely on mobile payments solutions at least once per month, with this estimate being based on an unlikely assumption that no single person in South Korea users more than one such app. The survey also isn't believed to be entirely representative of the total number and app-based distribution of users of mobile payments solutions in the country as it purposefully didn't include platforms which work in mobile Internet browsers like Kakao Pay and Naver Pay, making the aforementioned estimate even more probable.

Samsung has recently been expanding the availability of its platform in terms of supported countries and card issuers, in addition to ennobling the service with a variety of new features like compatibility with Android 8.0 Oreo. The company is expected to continue supporting its mobile service in the long term as more consumers around the world start embracing contactless payments.

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Dominik Bosnjak

Senior Writer
Dominik started at AndroidHeadlines in 2016. He’s approaching his first full decade in the media industry, with his background being primarily in technology, gaming, and entertainment. These days, his focus is more on the political side of the tech game, as well as data privacy issues, with him looking at both of those through the prism of Android. Contact him at [email protected]