Ever since Samsung Pay came into existence, the Samsung flagship users had the opportunity to use their phone as a digital wallet for contactless payments then it made its way to Samsung smartwatches and then it expanded more than 25 countries.
Now with 14 million users worldwide, Samsung Pay is one of the biggest digital wallet service ever launched by a smartphone manufacturer.
Still it’s available in 25 nations but it seems like Samsung’s mobile payment service is most popular in its home country which accounted for nearly 80% of its offline payments as it surpassed KRW 40 million ($33.7 million) in transactions with 25% of the transactions coming in the form of online payments according to the Financial Supervisory Service.
Basically, Samsung Pay allows users to pay with their Samsung smartphone without any need to carry around physical cards or money. It works with NFC payment terminals and also regular magnetic payment terminals thanks to magnetic secure transmission (MST) technology.
Samsung now plans to bring more features to Samsung Pay consumers with add on services. Under which it partnered with Woori Bank, a local commercial lender, the company has launched a currency exchange service in South Korea. So, now users can apply via the Samsung Pay app and exchange money at Woori Bank branches. As of now, only 15 currencies are accepted and few of them are US dollar, Euro and Japanese Yen.
The tech giant is planning to further expand Samsung Pay in various sectors.