Sometime last year, Samsung Electronics, announced Samsung Pay. This was a payment solution made to facilitate wireless transactions with POS terminals. It was made to work with NFC + Magnetic Secure Transmission chips found inside Samsung’s latest smart phones. The service, initially launched in South Korea and the U.S, has already gained lots of traction.
In a press release, Samsung announced that Samsung Pay has hit about five million registered users. Transactions over the platform has crossed 500 million dollars in just six months!! This goes to show that people are gradually accepting the use of their phones as a payment tool.
“Since its introduction last year, Samsung Pay has changed the way people pay and use their smartphones,”
“We’ve already seen significant consumer adoption and we continue to see great momentum. Our aim is to expand Samsung Pay to even more locations around the world, and our customers should expect to see more features in the year to come.”
Already there are plans for expansion, the service will be hitting China in March, followed by Australia, Brazil, Singapore, Spain and the U.K. later in the year. Samsung is also extending partnerships with credit card companies for consumers to use the Samsung Pay Fingerprint Authentication to pay online. How