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Samsung Pay used for 100 million transactions

Samsung reports that its mobile payments app, which will soon be available in the UK, has transacted 100 million payments in its first year of availability

Samsung’s mobile payments app has been use 100 million times to make payments in its first 12 months of availability.

The payments app, which competes with Apple Pay and Google’s Android Pay, is available in seven countries and will be available in the UK later in 2016.

Samsung Pay first launched in South Korea in August 2015 and in the US in September 2015, with around four million registered members in the two countries. It is also available in Singapore, China, Spain, Australia and Brazil.

“Since its introduction a year ago, Samsung Pay continues to lead mobile payments by providing services that are simple, secure and virtually anywhere,” said Injong Rhee, CTO of the mobile communications business at Samsung Electronics.

“Our ambition to reach a world without wallets continues to draw ever closer, and this strong consumer adoption signals a shift in behaviour and demonstrates the continued enthusiasm for a safer, smarter and better mobile wallet.”

Mobile phone payments may 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 by credit or debit cards by 2020, according to the Banking Moving Forward study released in 2015 by Experian.

There is fierce competition between Google’s Android Pay, which launched in the UK earlier this year, and Apple Pay, which has been available in the UK since July 2015.

Speaking at Apple’s quarterly financial results announcement in April 2016, CEO Tim Cook said Apple Pay currently gets more than one million users a week and there are now more than 10 million contactless reader terminals accepting Apple Pay globally.

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