Mobile Payments

Samsung Pay Doubles Up Daily Usage

In a big CES reveal, Samsung Vice President and General Manager of Services and New Business at Samsung America Nana Murugesan told the crowd that since the introduction of Samsung Rewards, the South Korean electronics giant has seen its daily use almost double.

Samsung Pay — which is currently available on higher-end Samsung Models — will be open for business on all or most models by the end of 2017.  Samsung Rewards is a points-based incentive system for Samsung Pay customers which gives consumers points for transactions in amounts that double and even triple depending on how often consumers use the service. Those points — much like a credit card rewards system — can then use traded back for Samsung products, other merchandise or cashed out. Those rewards, Samsung pointed out at CES, accrue on top of whatever cards-based rewards consumers are already receiving.

“Innovations like Samsung Rewards are giving consumers a real incentive to embrace Samsung Pay. We are seeing that people are more likely than ever before to try mobile payments — with the number of daily users doubling every week since the launch of Samsung Rewards — thanks to the tangible benefits they experience,” Murugesan told the CES crowd.

He also noted that since the launch of the rewards program, the number of transactions has nearly doubled, and December 2016 saw a new record.

The firm has also noted the rise of “power users” — customers making frequent, “almost once every day,” payments using the technology. Those repeating regular customers have doubled every week since the introduction of Samsung Pay, which the firm particularly likes since it implies the stickiness of the service.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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