Samsung Pay appears to have got off to a flying start after launching in South Korea less than a week ago.
Reports indicate that more than 80,000 credit and debit cards have been registered with the mobile payments service since it was made available on 20 August.
Samsung Pay was announced in March as a “groundbreaking” payments platform and subsequently underwent a number of beta tests before being let loose on the public. The service’s main advantage over its competitors like Apple Pay is that it has the potential for near universal acceptance amongst retailers. By using both NFC and Magnetic Secure Transmission (MST) technology, Samsung Pay should be accepted at all existing point-of-sale (POS) locations, giving it a potential user base of 30 million merchant sites worldwide.
In Samsung’s native South Korea, the service saw 10,000 credit and debit card registered on launch day with this figure now rising to 80,000. Samsung Pay is currently only available in the Asian country with a US launch not scheduled until 28 September. It is not yet clear when the service will be coming to other markets such as the UK.
The international launch of the payments platform is likely to reignite the long-running competition between Samsung and Apple, with the latter already possessing a head-start in the payments sector. Apple Pay launched in the US back in October and was made available in the UK in July and, aside from a few minor issues, the platform has largely been deemed a success. Apple reported that one million credit cards were registered with the service in the first 72 hours following the US launch – putting Samsung’s own figures into perspective.
The launch of Samsung Pay is sure to be beneficial to consumers however, as the competition between itself and Apple Pay, not to mention Google’s own Android Pay, is sure to drive innovation in the mobile payments sector.