First month’s turnover of Samsung Pay reached $30 million

Samsung claimed that the company reached the turnover of $30 million after its first month’s application in South Korea. The company is now working on the introduction of Samsung Pay service to Amercian market to compete with its rival Apple in the mobile payment field.

Olimpicshop

Statistics from Samsung till September 20, it had received 1,5 million orders on Samsung Pay in South Korea. About 10 % of Samsung device users are using Samsung Pay service each day. Samsung Pay is new device that offers mobile payment service that allows the users to store banking information into Mobile Wallet to realize the mobile payment when shopping.

Users can run the Samsung Pay on its smartphones such as Galaxy S6, S6 edge, S6 edge + and Note 5. The Samsung Pay is also acceptable with Gear S 2 smartwatch that being launched early this year.

There is intense competition among the mobile payment apps. Samsung must compete with its rival Apple Pay and Android Pay if it plans to explore the market in US.

Samsung indicates its Samsung Pay has difference from Apply Pay and Android Pay. It supports NFC and magnetic stripe technology which means the retailes have no need to change the POS machines. Samsung Pay will be possibly accepted by 90% of worldwide retailers in the near future.

The company plans to roll out the Samsung Pay in US on September 28. It will also introduce this service to UK, Spain and China soon, while the exact date is yet to know.