Injong Rhee, the vice president of Samsung, is happy to reveal that the South Korean tech giant’s own mobile payment system, Samsung Pay, has been used in about a hundred million transactions in its first twelve months. Samsung’s contactless mode of payment was launched in its homeland South Korea about a year ago, and has since been deployed in seven mobile markets across the globe, including the United States, China, Spain, and Brazil.
Rhee was quick to note how Samsung Pay is fast becoming a leader when it comes to mobile payment systems by providing services that are easier to use and more importantly, safe for users everywhere. As of this writing, Samsung Pay enjoys support from over 400 banks around the world, and is made available on a variety of popular mobile devices, most notably the Galaxy Note 7, the Galaxy S7, and the Galaxy A9, just to name a few.
Samsung Pay also supports gift cards as well as coupon reductions, and has the advantage of being able to facilitate payment transactions at the point of sale by way of near field communications (NFC) technology or chip / swipe payment terminals. What makes Samsung’s mobile payment system so flexible is that it can mimic standard magnetic stripe cards, which means that for business owners out there, they do not need to buy new equipment because their current point of sale (POS) machine can already work with Samsung Pay.
In the last few years, various mobile payment systems have come to the fore. Indeed, Samsung Pay has to contend with fierce competition courtesy of Apple Pay and Android Pay. But as the biggest seller of smartphones in the world, the South Korean mobile manufacturer has considerable reach. In the most recent quarter alone, Samsung was able to ship 80 million units of its smartphones (earning $5.2 billion in revenues in the process). A report published by Bloomberg back in March early this year even stated that Samsung Pay had grown faster than Apple Pay, and holding its own against Android Pay (which debuted around the same time as Samsung’s contactless mode of payment).
But there is more work to be done. Despite the increasing popularity of mobile payments, it makes up a very small percentage of the entire payments market. The fact of the matter is: people still prefer to pay cash or use their credit cards when paying for stuff they bought at retail stores.
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