Samsung‘s payment platform Samsung Pay has been around since 2015 and has powered a countless number of transactions. The digital wallet has over the years grown its user base and according to official data, it currently has 14 million users worldwide and is deployed in over 25 countries.
Samsung Pay is supported by several Samsung phones and while its user base has noticeably grown in over 4 years since its debut, the data shows that the contactless payment service is most popular in Samsung’s home country of South Korea. The Asian country accounted for nearly 80% of its simple offline payments. According to the Financial Supervisory Service. Samsung Pay surpassed KRW 40 million ($33.7 million) in transactions in April 2019, with 25% of the transactions coming in the form of online payments.
Read Also: Samsung Pay Now Officially Supports PayPal
Samsung Pay incorporates both Near Field Communication (NFC) and MST (Magnetic Secure Transmission) technologies. This has made the service compatible with a wide range of point of purchases since owners can use both the contactless NFC technology and magnetic strip technology which most of the cards use. Samsung Pay is supported on the flagship Galaxy S models as well as on the midrange Galaxy A and J models. The payment service is also available on the TizenOS-powered Samsung Gear smartwatches. Presently, you can also use Samsung Pay to deposit/withdraw cash from ATMs and it also supports payments for pre-paid and transit cards as well as PayPal.
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