Tech giant Samsung Electronics said Wednesday that its mobile payment system Samsung Pay has surpassed the 1 trillion-won ($847 million) mark in transaction volume in South Korea.

First launched in the nation in August last year, the mobile payment system which is available on Samsung’s high-end smartphones, including the Galaxy S7 and S7 Edge, has seen constant growth in its number of subscribers due to robust sales of the smartphones.


The mobile payment solution, which was previously available only at brick-and-mortar shops with traditional payment terminals, or NFC-based terminals, is now compatible with ATMs. It can also be used as a transport card and a membership card, and Samsung Pay users can pay for purchases online.

The tech behemoth explained that the online availability of the payment solution has contributed to the surge in transaction volume.

Online purchases through Samsung Pay stood at 200 billion won, or 20 percent of entire transactions, according to the company.

“Samsung Pay has been growing at a rapid speed and changing the payment patterns of consumers,” Samsung said in a press release.

Samsung Pay, which now has more than 5 million users in countries including China and the U.S., will hit more global markets in the coming months.

As the global expansion of Samsung Pay speeds up, competition with U.S.-based Apple’s mobile payment solution Apple Pay is expected to heat up down the road.

Apple CEO Tim Cook said earlier this month that the iPhone maker’s mobile payment system was gaining traction as it attracts a million new users per week and its transaction volume was up five times compared to a year ago.

By Kim Young-won (wone0102@heraldcorp.com)