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Samsung Pay celebrates one-year anniversary www.businessinsider.com
Samsung Pay, Samsung’s phone-based mobile wallet, celebrated its one-year anniversary this week.
The wallet is now available in seven countries and has over 440 issuing bank partners, according to the firm. Samsung released several key statistics about the wallet one year in:
Samsung Pay has processed nearly 100 million transactions across all markets in its first year.
In addition to credit and debit cards, the wallet has over 4 million registered “membership” cards in the US and South Korea. That illustrates the value that additional use cases, like loyalty support, could have in onboarding customers to wallets.
In South Korea specifically, the wallet has processed over 2 trillion won ($1.78 billion) in transaction volume. That’s double the 1 trillion won ($891 million) it had processed as of this May, according to ZDNet, which points to continued acceleration in wallet adoption. Over 25% of transactions have been made online, which shows the utility of online and in-app transactions in driving mobile payment volume and adoption.
Samsung Pay is well-positioned to expand and continue its growth trajectory as mobile payments become more commonplace. The continued ramp up in South Korea, which was the service’s first market, could be a positive indicator for other markets. Unlike other mobile wallets, which only work at newer NFC-enabled point-of-sale (POS) terminals, Samsung Pay is accepted at almost any POS terminal that accepts magnetic stripe cards in most of its markets.
That could make the service easy to use — just 19% of US Samsung Pay users had trouble at the POS, relative to 31% of Apple Pay users, according to Auriemma Consulting Group — which might encourage users to return to the service and form habits around it, spurring further transaction and volume growth.
Mobile payments are becoming more popular, but they still face some high barriers, such as consumers' continued loyalty to traditional payment methods and fragmented acceptance among merchants. But as loyalty programs are integrated and more consumers rely on their mobile wallets for other features like in-app payments, adoption and usage will surge over the next few years.
Evan Bakker, research analyst for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on mobile payments that forecasts the growth of in-store mobile payments in the U.S., analyzes the performance of major mobile wallets like Apple Pay, Android Pay, and Samsung Pay, and addresses the barriers holding mobile payments back as well as the benefits that will propel adoption.
Published Date:2016-08-26
