Samsung's mobile payment service, aptly named Samsung Pay, has finally hit the European market. Earlier today, the South Korean firm launched its mobile payment platform in Spain, hitting a milestone as the first national rollout in Europe. Prior to this launch, Samsung Pay was only available in South Korea, the United States, and more recently in China.
At launch, the mobile payment platform will be available on both variants of the Samsung Galaxy S6 and Galaxy S7. And with support being prepared for the Galaxy A5, it will not be long before this device will be able to make payments through the platform as well.
Samsung Pay's entry in Spain has paved the ground for the service to be available in Europe. It has taken after the initiative of both Android Pay and Apple Pay by offering their services in the UK. Now that Samsung Pay has entered Spain, customers will be able to take advantage of the service as well and make contactless payments by simply adding their credit or debit cards onto their device. Compared to the other two platforms, Samsung Pay is compatible with older magnetic strip systems, giving it a competitive advantage.
Prior to its launch in Spain, Samsung had already disclosed the European banks that have gotten on board their platform. Both CaixaBank and imaginBank were the first to sign a partnership with the platform, followed by both Abanca and Banco Sabadell. According to Samsung Spain's corporate vice president, there is a significant opportunity for Samsung Pay to succeed in the country since there is a high smartphone penetration rate. This is also due to the digitalization of the banking industry. Even though these banks are available throughout Europe, Samsung has not yet disclosed where they plan to expand the mobile payment platform next. Hopefully, the other European countries will be next on the list. It is promising to see that even a spokesman for the company has confirmed that the platform will be launching in the UK in the later part of the year. Considering the amount of support it has received, it is only a matter of time before Samsung continues to expand to other countries.
Samsung first launched its Samsung Pay service in South Korea in August 2015. A month later, the service was launched in the US. Five months later, the South Korean company announced that they had already a total of 5 million registered customers, which is attributed to the strong adoption rate in both countries. In March, the service was made available in China. Just last month, the company reported to have made a total of $850 million transactions in South Korea alone in the nine months they have been operational. With this, they are hopeful of the numbers they will obtain by launching in other countries.
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