Samsung‘s payment tool, Samsung Pay, continues to dominate the mobile payment market in South Korea. The platform saw a growth of 58-percent in the local market in October 2018, vis-a-vis October 2017.

 

Samsung Pay is South Korea’s No. 1 mobile payment tool

According to the data compiled by industry tracker WiseApp, an estimated 10.4 million users transacted through Samsung Pay in the month of October 2018 in South Korea, making it the most popular financial application for the month. The number of estimated users for the same period last year was 6.6 million.

WiseApp conducted the research by surveying 23,000 Android users having the Samsung Pay application installed on their phone. Transactions made through other OSes were not included in the research. Also, WiseApp didn’t consider transactions made through Naver Pay and Kakao Pay as they do not need a separate application.

 

 

Samsung Pay was distantly followed by Toss, with an estimated 4.56 million users in October. While the number seems rather small in front of Samsung Pay, the company itself saw a growth of nearly 103-per cent, up from 2.25 million posted a year earlier.

ISP/Paybooc, Shinhan PayFAN and Hyundai Card make the top five, with 4.01 million, 2.87 million and 2.2 million users, respectively, in October.

 

Launched on August 20, 2015 in South Korea, Samsung Pay has grown significantly over the last three years. The platform is now available in 24 markets across six continents and has approximately 2,000 banking and financial partners globally.

While there exist a number of mobile payment platforms, a big advantage Samsung Pay has over the others is its MST (Magnetic Secure Transmission) compatibility. The technology essentially enables Samsung Pay to work almost anywhere you can swipe or tap your card.
In addition, Samsung also customizes the app services according to local needs. For instance, it offers online payments, ATM transactions, and supports loyalty and membership cards many of its markets. Samsung also offers Samsung Rewards to users every time they make a payment through the app.