[THE INVESTOR] Samsung Electronics said on July 15 that it will launch its mobile payments service, Samsung Pay, in Brazil next week.

Making inroads into South America for the first time, the company chose to launch in Brazil as the first Latin destination considering the nation’s soaring mobile banking users. 


“We are excited that Samsung Pay will be available in Brazil from July 19,” said André Varga, product director of Samsung’s mobile business division in Brazil. “Brazil will pave the way for South America’s adoption of Samsung Pay,”

The number of mobile banking users increased 138 percent last year, making more than 11 billion bank transactions through smartphones. The transactions doubled compared to 2014, according to the Federation of Brazilian Banks.

Samsung Pay is currently available in seven countries: South Korea, the United States, China, Spain, Singapore, Australia and Puerto Rico.

The number of users has reached 5 million in Korea and the US during the first six months of the launch. 


By Park Yuna (yunapark@heraldcorp.com)