Samsung Pay Reaches 5 Million Users In 6 Months

Samsung announces that the company’s mobile payment solution Samsung Pay has stellar adoption rate, with the service reaching 5 million users in its first six months. The service has also processed over $500 million worth of purchases during this period. In addition, Samsung Pay has a strong adoption rate in both South Korea and United States.

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.

While the numbers are great, it is still unknown whether Samsung can keep the momentum up or not. There is also the question of how well it will fare against rival payment solutions like Android Pay and Apple Pay. Although Apple has not revealed about the number of Apple Pay users, it is believed to be higher than other competing services. A local Chinese websites claims that local iPhone owners linked 38 million cards to the service in the space of a day.

For now Samsung Pay seems to be faring well, but it is unclear how many of its users will stick around. Samsung also plans to expand Samsung Pay to Canada, Australia, Brazil, China (now due in March), Singapore, Spain and the UK within this year. Samsung Pay is currently available on select Galaxy devices including Galaxy S6, Galaxy S6 edge, Galaxy S6 edge+, Galaxy Note5 as well as premium and mid-range options such as the 2016 models of both Galaxy A5 and A7.

Source: Samsung