Dec 14, 2018 | Updated: 07:21 PM EDT

Samsung Pay Hailed A Success In South Korea

Sep 25, 2015 08:30 AM EDT

Close

A month after Samsung Pay was rolled out in South Korea, and the service has already facilitated $30 Million in transactions. These numbers are pretty encouraging, given that Samsung is going head to head with Apple Pay, which already got its head start, and Google’s own Android Pay.

Samsung reports that since its launch on Aug. 20, the mobile payment platform has been enjoying 25,000 new user signups and $620,000 in transactions daily. These are the kind of stats that ailing Samsung needs, especially in the wake of its reported financial troubles.

Samsung Pay really made all the right moves in the case of its mobile payment platform, though. It looks like the South Korean company’s purchase of Loop Pay was the best move they have made for the micropayments service, as it presents an edge over Apple Pay and Android Pay.

Android Pay and Apple Pay are both based on the NFC infrastructure, so the user’s mobile needs to have NFC technology on their device. On the other hand, with the Loop Pay technology, Samsung Pay allows users to be able to pay without the need for NFC. The technology also allows merchants to have an easier time with adopting Samsung Pay on their existing electronic payment terminals.

Samsung Pay is said to launch next week in America, while it has announced a launch in Europe ahead of the American launch. No reports have been released about its performance in the European market, just yet.

As reported, Android Pay rolled out a few weeks ago in the US and noted which merchants are already on the platform. On the other hand, the re-tooled Google Wallet launched on Sep. 19.

Looks like there is a battle of the mobile micropayments service, though the bottom line is that, with a wider range of options, it is the end-user who wins.

PayPal also has a mobile app, though it does not allow payments through electronic terminals.

Who will dominate in the mobile micropayments arena? The next 2 years will be crucial in mapping out the performance of the top three mobile payment services on the market.

***

For more on Samsung Pay: http://www.droidreport.com/samsung-pay-roll-out-europe-next-10657

More on Android Pay and Google Wallet: http://www.droidreport.com/taxonomy/term/23210

Real Time Analytics