In the mobile payments scene, there are several competitors at the moment, all of whom are vying for a slice of that pie. That being said, it seems that Samsung Pay is doing pretty well for themselves. The service was officially announced earlier this year and last we heard, Samsung Pay had managed to nab 500,000 subscribers in South Korea.
That was a report from last month because according to the latest figures, it seems that Samsung Pay has since managed to double the amount of subscribers in South Korea to a whopping 1 million! We should note that these figures are just for the South Korean Samsung Pay, meaning that if we were to take into account the figures from subscribers in the US, that number could be higher.
Like we said, competition is pretty intense at the moment in the mobile payments scene. For example you have Apple with Apple Pay, Google with Android Pay, and PayPal just to name a few. However Samsung does have the added advantage in that unlike other mobile payment services that rely on NFC, Samsung pay also supports magnetic secure transmission.
This means that retailers can continue to use existing point-of-sale terminals, as opposed to some other payment services that would require retailers to upgrade their hardware, which for some is an unnecessary cost.