Samsung Pay marks W40tr in total transactions in Korea

Samsung Pay, the mobile payment service operated by Samsung Electronics, has reached 40 trillion won ($33.7 billion) in accumulated transactions in South Korea, the company said Tuesday.

Since its launch in August 2015, the mobile payment system logged transactions worth 2 trillion won during the first year and surpassed the 40 trillion won mark in end-April. The number of subscribers also exceeded 14 million.

Of the total amount, 25 percent were online payments, reflecting the shift of payment trends in e-commerce, according to the tech giant.

Using magnetic secure transmission technology, the service allows users to pay with their smartphones without actual credit cards.

As of 2018, Samsung Pay accounted for 80 percent of the domestic simplified payment transactions, according to the Financial Supervisory Service.

Samsung Pay has formed partnerships with global banks and major payment networks, including American Express and Union Pay. It is also available in a number of countries, such as the United States, China, Spain, Australia and Singapore.

“We will continue to expand partnerships in various sectors so that users may enjoy the benefits of fintech services in their everyday lives,” an official said.

By Bae Hyun-jung (tellme@heraldcorp.com)