Samsung Pay Accumulates 5 Million Users

David Lee, Feb. 22, 2016, 8:09 a.m.

The number of smartphone owners using the Samsung Pay mobile payment service surpassed 5 million just six months after it was launched, Samsung said. The accumulated amount of settlement has already surpassed US$500 million.

Samsung Pay, currently only available in Korea and the U.S., lets consumers pay by swiping their smartphones over a terminal. It is available on the Galaxy S6 and Note 5 or higher-version smart devices as well as mid-priced Galaxy A series. 

Rival Apple Pay requires a new terminal to be installed, but Samsung Pay can be used with existing magnetic credit card readers. Samsung plans to launch the service in China next month and gradually expand to Australia, Brazil, Canada, Singapore, Spain and the U.K. "At present we clinched a deal with around 70 major banks around the world and plan to expand the number of our global partners," a spokesman said.


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