Samsung Pay’s Volume Hits Half-Billion Dollars

Just as Samsung announced the latest additions to its line of Galaxy mobile devices — the Samsung Galaxy S7 and Galaxy S7 edge — the company also said that its mobile payment service is continuing its momentum of usage around the globe.

According to Samsung, its mobile payment service has roughly 5 million registered users and has processed more than $500 million in the six months since its release, with eligible credit and debit cards from more than 70 major and regional banks supported through the offering.

“Since its introduction last year, Samsung Pay has changed the way people pay and use their smartphones,” Injong Rhee, EVP and head of R&D, software and services of mobile communications business at Samsung Electronics, explained in a press release.

“We’ve already seen significant consumer adoption, and we continue to see great momentum. Our aim is to expand Samsung Pay to even more locations around the world, and our customers should expect to see more features in the year to come,” Rhee said.

In the coming months, users can expect to see Samsung Pay reaching China, followed by Australia, Brazil, Singapore, Spain and the U.K. later this year. Canada is also expected to be a new addition on the company’s global expansion roadmap for Samsung Pay.

Samsung’s mobile devices are also seeing expansion, with the new Samsung Galaxy S7 and Galaxy S7 edge smartphones hitting the market with what the company describes as enhanced design, software functionality and connectivity to a host of services, products and experiences.

“We believe in a world that is brighter, sharper, more convenient and more fun. We strive to deliver on that vision with the Galaxy S7 and Galaxy S7 edge by marrying elegant design with functionality and providing a seamless mobile experience,” said DJ Koh, president of mobile communications business at Samsung Electronics.

“We empower consumers with technology to help them get more out of life and will continue to push the frontier of what’s possible.”

The new devices will, of course, come equipped with Samsung Pay, which the company says is “accepted almost anywhere you can swipe or tap your card.” Samsung Pay offers tokenization, fingerprint scanning and works with both NFC (near-field communication) and MST (magnetic secure transmission), enabling the payment method to be accessible by an increasing number of merchants and consumers.