​Samsung Pay hits 1 trillion won in transactions in South Korea

Samsung Pay has clinched 1 trillion won ($850 million) in transactions nine months after launching in its home country South Korea, but it remains to be seen how the service will do in China.
Written by Cho Mu-Hyun, Contributing Writer

Samsung Pay has accumulated 1 trillion won ($850 million) in transactions in South Korea nine months after launching, Samsung has announced.

The South Korean tech giant's namesake mobile payment service was launched in August last year. Last month, it was the top mobile payment app used in the country.

In February, the firm announced that it had hit $500 million in global transactions. It has since then launched in US and China. The figure for global transactions is probably higher but Samsung declined to comment on the matter.

Just like its main rival Apple Pay, the service continues to expand globally, but China remains its biggest challenge as the market is dominated by local services Alipay and Huawei Pay.

In South Korea, Samsung Pay supports withdrawing and depositing money in banks. It can also be used as transportation card.

Samsung added support for online payments this year and it accounted for 200 billion won of the total transactions, the company said.

"Samsung Pay is changing the way consumers pay and we will continue to add the best services to create a differentiated mobile payment culture," said a Samsung spokesman.

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