Samsung’s digital wallet service is the focus of a comprehensive profile published by yStats.com. In “Samsung Pay Profile 2017”, the Germany-based market researchers summarized the key facts about the mobile wallet, while also commenting on the service’s features and availability.
The profile of Samsung Pay compiled by yStats.com follows the evolution of this innovative payment service from Samsung’s acquisition of LoopPay. Having acquired the US-based mobile payment developer and service provider, Samsung launched Samsung Pay in South Korea and the USA in 2015. In 2016, Samsung Pay added 10 new markets and introduced multiple new features, all of which are described in detail in yStats.com’s publication. Among the distinctive characteristics of Samsung Pay is its compatibility not only with payment terminals supporting near-field communication technology, relied on by most mobile wallets, but also with magnetic stripe card readers.
The profile also cites some important figures regarding the adoption of Samsung Pay. Among the key revelations is the volume of transactions through Samsung Pay generated in South Korea in its first year since launch. According to the company data, a quarter of all transactions took place online. In most other markets Samsung Pay supports in-store payments only. The expansion of in-app and online payment features could be the next step in Samsung Pay’s evolution, as indicated by some partnerships mentioned in the profile.