Anna Frajtova - Fotolia

Samsung Pay processes $500m in first six months

Samsung Pay is being used by around five million people in the US and South Korea, with China being the next step in its global launch

Around five million people have signed up to Samsung’s smartphone payment system, with around $500m spent in the six months since its launch in the US and South Korea.

Samsung Pay launched in South Korea in August 2015 and in September 2015 in the US. It is a competitor of Apple Pay, which preceded it with a launch to iPhone users in the US in November 2014.

Injong Rhee, head of research and development, software and services at Samsung, said: “We’ve seen significant consumer adoption and we continue to see great momentum. Our aim is to expand Samsung Pay to more locations worlwide. Our customers should expect to see more features in the year to come.”

Samsung will make the service available worldwide in 2016, starting with China in March. This will be followed by Australia, Brazil, Singapore, Spain and the UK later in the year.

In comparison, Apple said more than one million credit cards were registered the US in the first three days of availability of Apple Pay. In the first month of US availability, Apple Pay was responsible for 1% of digital payments in the US. The service launched in the UK in July 2015.

Mobile phone payments could become the main way to pay for things in the UK, with one-third (33%) of Brits believing more payments will be made using smartphones than on credit or debit cards by 2020, according to the Banking Moving Forward study released in 2015 by Experian.

The research revealed 67% of the 2,000 UK adults questioned thought cash would decrease in popularity, and 41% predicted a decline in the use of credit and debit cards.

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