Back in March this year Samsung announced its new payment service called Samsung Pay, a couple of months after the announcement this service was put through several beta tests to ensure that everything remains copacetic when it’s finally opened to the public. Samsung confirmed earlier this month when the service will go live in South Korea and United States, the two launch markets, and Samsung Pay is proving to be quite popular in South Korea. More than 80,000 credit and check cards have been registered on Samsung Pay in just five days since launch, the service has done a commendable job of bringing in a lot of users early on.
A report out of Korea claims that on the launch day itself, August 20, over 10,000 credit and check cards were registered on Samsung Pay with the number growing substantially in the subsequent days. One of the major reasons for this popularity is the fact that Samsung Pay is fundamentally different from many other mobile payment services, it’s support for magnetic secure transmission or MST means that the service is acceptable at almost all merchants where credit or debit cards can be used. Merchants don’t have to purchase new equipment to accept payments through Samsung Pay and users don’t have to worry about trying to find out whether or not Samsung Pay is accepted, this is likely playing a decisive role in bringing early users in great numbers.
The United States is the next launch market for Samsung Pay where the service will go live in September, Samsung plans to expand the payments service to China and countries across Europe later this year.
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