Samsung Pay dubbed a hit in its initial rollout

25 Sep 2015 | Author: | No comments yet »

Samsung Pay Reaches $30 Million in Transactions.

It only launched a month ago, but Samsung Pay has been used for more than $30 million’s worth of transactions in South Korea, as the electronics giant prepares to open the service to U.S. users in a bid to challenge Apple in the mobile payments space.The figures are the first to be released by a major company in the growing field of mobile payment services, which are pushing to become an alternative to shoppers paying with cash or swiping their credit cards at stores.

Samsung Pay is the company’s mobile payments system, which allows customers to store their card details in a “mobile wallet” and pay using their smartphone. Unlike those rivals, however, Samsung’s technology is designed to work even with credit card readers that haven’t yet adopted next-generation near-field communication, or NFC, technology. In the first 20 days of September, Samsung saw transactions reach 1.5 million with 10% of the people using the payment system daily, said the company on Wednesday.

Perhaps some of those Samsung Galaxy S6 owners have forgotten that their phone came with the promise of Samsung Pay support when it launched back in April. The service is available on the Galaxy S6, S6 edge, S6 edge+ and Note5 phones, as well as the Gear S2 smartwatch—all devices that Samsung released this year. That is to say, Samsung Pay can, in theory, work in far more situations than Apple Pay or any of its rivals — especially since American retailers have been slow to adopt the next-generation technology that Apple Pay relies on. Over 1.5 million Samsung Pay transactions have so far been accepted by South Korean merchants and of that number around 60% have taken place using the Galaxy Note 5 phablet. Mobile payment solutions have been long anticipated by technology watchers, but haven’t yet been adopted en masse by U.S. consumers, who have stuck largely to swiping their traditional credit and debit cards at legacy magnetic stripe card readers.

What makes Samsung Pay different from Apple Pay AAPL 0.04% and Google’s Android Pay GOOG -0.18% is that merchants can accept payments using their existing credit card terminals. For Samsung, the new payment service reflects continued efforts to break through with more software and services that can set its devices apart in an increasingly crowded high-end handset market. The first figures on Samsung Pay came as the company gets ready to launch the service in the U.S. on September 28, followed by the U.K., Spain and China at yet unspecified date.

Google has not released any apps for Samsung’s other Tizen watches, and the search giant has a vested interest in seeing the platform fail. (NASDAQ:GOOGL) are also carrying out such services in U.S. More from WSJ.D: And make sure to visit WSJ.D for all of our news, personal tech coverage, analysis and more, and add our XML feed to your favorite reader. You’ll get to keep your current user name (as long as it doesn’t contain invalid characters, in which case you’ll have to go through a few extra steps to make the transfer), and all your old comments will eventually (not immediately) migrate with you.

Here you can write a commentary on the recording "Samsung Pay dubbed a hit in its initial rollout".

* Required fields
All the reviews are moderated.
Our partners
Follow us
Contact us
Our contacts

ICQ: 423360519

About this site