Samsung Pay reaches 1 trillion won in transactions in South Korea

Samsung Pay has completed 1 trillion won ($850 million) of transactions in its home country of South Korea where it launched just nine months ago.

The company launched its mobile payment system last August and it has since gained a great deal of popularity in the country. In April of this year, it was the top mobile payment app used in South Korea and was able to overtake both Shinhan Bank's and Hyundai Card's apps.

Samsung previously announced that Samsung Pay had reached $500 million in global transactions this February. Now the service is available in both the US and China and as a result of this wider availability the app has likely raised its number of completed global transactions even higher.

In South Korea, users quickly adopted and used Samsung Pay due to the popularity of the company's devices. However while the Galaxy line of smartphones is popular worldwide, in China local services such as Alipay and Huawei Pay have a tighter grip on the market.

Another reason that Samsung Pay was able to succeed so quickly in South Korea is because of the extra features if offers, such as being able to withdraw and deposit money in banks and the service can even take the place of a public transportation card.

Samsung also added support for online payments to the service this year which accounts for 200 billion won of the 1 trillion won in completed transactions.

A spokesperson for the company added further details in regard to Samsung Pay's success: “Samsung Pay is changing the way consumers pay and we will continue to add the best services to create a differentiated mobile payment culture.”

Image Credit: Shutterstock / TK Kurikawa