Samsung Pay Witnesses Inclusion of 1 Million Users in Over A Month Boosting the Global Online Payment Market

Posted on: Nov-2017 | By: QY Market Research | Technology

With increasing awareness and changing ecosystem of digital transactions, the mobile payments service of South Korean tech major, Samsung Pay, has witnessed an inclusion of 1 Million consumers in just a little more than a month. Samsung Pay was rolled out in March in the nation this year and India sports in the top 3 nations amongst the 20 countries for Samsung Pay all over the world in terms of consumers, behind Russia and South Korea, in reverse order. This helped to power the global online payment market.

"On September 12, 2017, we declared that we have 1.5 Million Users of Samsung Pay. Now we have an extra 1 Million consumers in the past 1.5 Months. The consumer expansion has been noteworthy," claimed Sanjay Razdan, Director of Samsung India for Commercialization Group and Product Planning, to the media in an interview this week. Samsung Pay is accessible for consumers of devices such as Galaxy S8, Galaxy Note 8, Galaxy S7 Edge, Galaxy S8 plus, Galaxy J7 Pro, and Galaxy J7 Max, among others and permit consumers to just click and pay utilizing the wallets and credit or debit cards stored on their mobile handsets.

At the time of the launch, Samsung Pay was accessible via 10 handset models and has extended it to 26 handset models ever since then. As per industry predictions the in general market o mobile phone in India is valued at Rs 1 lakh crore for this year, with Samsung dominating a share of market for 47% by the end of September 30, 2017. Samsung saw a development of 40% in terms of capitalization this year at the time of the festive season for its smartphone sales. It has 17 associates on board, comprising 10 banks and is in discussions for pay service with a handful of more banks.

Razdan, who leads the business of Samsung Pay in India, claimed that some of the other nations are making an attempt to put into practice some of models of India such as bank to bank transaction. This model can help the other countries to digitalize at a faster pace as compared to the current speed that they are employing.