The mobile payment service has hit US$33.7 billion (40 trillion won) in
accumulated transaction volume in South Korea, Samsung Electronics Co. said.
According to the office, Samsung Pay had 2 trillion won worth of
transactions in its first year, and surpassed the 40-trillion mark as of the end of
The service uses magnetic secure transmission technology, allowing users to
make transactions with smartphones even through traditional credit card machines.
Of the total volume, 80 percent was carried out at offline stores, according to the
Samsung Pay has forged partnerships with hundreds of banks worldwide and
major payment networks, such as American Express and China UnionPay. It is also
available overseas, including in the United States, China, Spain, Australia
and Singapore. (Yonhap)