Samsung Mobile Payments App Gaining Popularity In South Korea

Samsung mobile payments service is the number one preference of the locals in South Korea.

Samsung got into the business of mobile payment a while ago and gained a huge amount of success in a very short span of time. The giant tech company hometown, South Korea has made the application its number one preferred mobile payments outlet. 

The Galaxy maker has many competitors in the market including its top rival Apple Pay App, Google Wallet and now even Walmart Pay app, which is only available for Apple devices now. For now, Samsung does not have to worry about losing the market to any of its rival in South Korea and has managed to become highly popular. 

Samsung Pay App has 2.59 million users in just South Korea with an average use of 41 times per person in March. The service was launched in South Korea a year ago and even the United States. It has managed to expand itself towards and is hitting the Asian market by launching in Singapore very soon. Samsung has managed to take over the mobile payments market in its hometown beating a local app called WiseApp. The tech giant announced in February of securing 5 million active users and transactions worth $500 million. 

The South Korean mobile phone maker is expecting the service to get it even more profits in the future, expand and grow in popularity. It recently added the service of withdrawals and deposits through its application for banks and gained numerous financial institutions and merchants so far.

There is still room for further additional features and improvement which will help the service get more users. It has plans to expand in Europe in future too and launch promotional features so that users are motivated to try the application out even in North America. 

For now, it seems that in this market, the only strong rival Samsung Pay App has is Apple, but there is not much concern regarding this since the tech company has an upper hand because of the magnetic strip traditional option, wide variety of merchants and banks. It is even conducting meetings with many banks in Vietnam since the government of the region is now willing to cooperate with foreign companies. 

When it comes to expansions, stepping into new markets and building new products, Samsung cannot be stopped. It has even filed a patent to make smart windshield for bike riders giving them the same facilities in the future that four-wheel drivers have. The S bike mode is already available for two wheelers to enjoy. The mobile payments service is growing everyday with more users learning and starting to use it, which is more than okay for the tech organization.