Samsun Pay Accounts for 80% of Offline Simple Payment Market in Korea

The total transaction volume of Samsung Pay, the mobile payment service operated by Samsung Electronics Co., exceeded 40 trillion won (US$33.68 billion) at the end of April, 44 months after its launch. The number of subscribers has surpassed 14 million.

Launched in August 2015, Samsung Pay achieved the 2 trillion won (US$1.68 billion) milestone 12 months after its launch in August 2015, 10 trillion won (US$8.42 billion) in 24 months, 20 trillion won (US$16.84 billion) in 33 months and 30 trillion won (US$25.26 billion) in 39 months.

In particular, the mobile payment service accounted for 80 percent of the offline simple payment market in South Korea in 2018, according to the Financial Supervisory Service. Online payment also continued to rise and took up nearly 25 percent of all transactions of Samsung Pay.

With an aim to provide more convenient payment experiences to consumers, Samsung Pay has released various services such as overseas remittance, pre-pay card, shopping, transit card, membership and deposit and withdrawal.

In partnership with local commercial lender Woori Bank, Samsung Electronics is launching currency exchange service supporting 15 currencies including the U.S. dollar, yen and euro, where users can apply for the service via Samsung Pay app and exchange money at Woori Bank branches.