Samsung Pay set for global expansion after hitting 5 million users

After less than a year, Samsung Pay has just reached 5 million users in South Korea and the US. The service has already processed over $500 million dollars worth of sales and this number is set to increase as Samsung is preparing to globally expand its mobile payment service throughout 2016.

The company will be launching Samsung Pay in China next month in partnership with China's UnionPay. Support for the service will then be made available in Australia, Brazil, Singapore, Spain, the UK and Canada later this year.

Samsung is adding support for transit passes, coupons, and membership cards to further entice users to adopt Samsung Pay. Currently the service works with credit and debit cards from over 70 major and regional banks.

In its home country of South Korea, Samsung is positioning Samsung Pay as a secure, simple, and quick way to make online payments. The company will be partnering with BC Card, Hana Card, KB Koomin Card, Lotte Card, NH Nonghyup Card and its own line of credit cards to allow Korean users more flexibility when using the service. Fingerprint authentication can be used when making payments online to ensure security and to help protect users who have lost or had their devices stolen.

Samsung has just announced its latest flagship devices at MWC 2016 and both the S7 and S7 Edge will support Samsung Pay. The release of the latest versions in the company's Galaxy Line could help spur adoption of the service.

Now that the company has coupled an increased list of supported banks and services alongside the release of the S7, Samsung Pay will likely continue gaining momentum and users.