It was exactly a year ago today that Samsung Pay launched. Of course, it only launched in South Korea and then the US, now it is available in a few more countries. Samsung Pay has seen some pretty impressive success over its first year of being around. The biggest reason for that is the marketing that Samsung has, as well as the ease of use for Samsung Pay. The company bought LoopPay before they launched Samsung Pay. And in that purchase they got their hands on some MST technology. This allows Samsung to be able to use their contactless payment service just about anywhere, without merchants needing to upgrade their terminals. Meaning that just about every store, or restaurant were immediately compatible with Samsung Pay.
Currently, Samsung Pay is still only available on a handful of devices like the Samsung Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge+, Galaxy Note 5, Galaxy S7, Galaxy S7 Edge, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A9 (2016), and the Galaxy Note 7. which makes it pretty impressive that Samsung has processed over 100 million transactions in just one year. They also have over 4 million registered cards with Samsung Pay and 440 Bank partners worldwide have jumped on board. In South Korea, Samsung Pay has processed 2 trillion won in transactions, and about 25% of transactions are made online.
Samsung Pay isn’t yet available everywhere, but the company is working hard to bring it to more and more countries and make it available for everyone. Samsung is also planning to bring Samsung Pay to more and more devices in the near future, unfortunately it’s not as simple as a software update, as they need to have the hardware in the device to support MST. Hence the reason why only flagships and the Galaxy A series have been given Samsung Pay support, but that may change in the near future. Samsung is also working to bring more and more banks and card issuers into Samsung Pay, so that everyone will be able to use all of their debit and credit cards within Samsung Pay, and soon, users won’t even need to carry around their wallet. Samsung also released a nifty infographic, which you can check out below.
