Samsung Storm: 500,000 Subscribers to Samsung Pay Creates Anticipation for US Debut | BusinessKorea

Saturday, October 01, 2016

A Samsung executive presents Samsung Pay at the Mobile World Congress in Barcelona in March 2015.
A Samsung executive presents Samsung Pay at the Mobile World Congress in Barcelona in March 2015.
SEOUL, SOUTH KOREA
17 September 2015 - 10:00am
Cho Jin-young

The number of subscribers to Samsung Pay has exceeded 500,000 after its introduction to the nation on Aug. 20, and both the ICT industry and Samsung Electronics are apparently surprised. When Hana SK Card was launched in 2010, the credit card company set a goal to secure 500,000 members per year while betting on mobile payments. However, Samsung Pay has already achieved the number less than one month after its release. If this trend continues, it seems to be only a matter of time to surpass 1 million subscribers in 1 to 2 months.

Samsung Electronics is also accelerating efforts to roll out its mobile payment service to other countries based on its huge popularity at home. The Korean tech giant is going to release Samsung Pay to China as early as the end of this year, following the U.S. on Sept. 28. Afterwards, it is planning to target Europe, including the U.K. and Spain.

To achieve its goal, Samsung has already secured distribution networks by forging partnerships with major financial companies overseas. In the U.S., the tech firm is a partner company of Bank of America, U.S. Bank, Visa, and MasterCard. In China, Samsung is finalizing its partnership with China UnionPay, the largest card issuer in China.

An official at a Chinese financial firm said, "UnionPay is also nurturing its mobile QuickPass card service, and it is discussing the issue of connecting its service to Samsung Pay." Considering that UnionPay issues around 5 billion credit and check cards in China and has 22 million affiliated stores nationwide, the partnership between the two companies is expected to create synergy.

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