Samsung Pay crossed the $30 billion mark in South Korea

Samsung Electronics said in Tuesday that its mobile payment service Samsung Pay’s cumulative trading volume in South Korea has reached 40 trillion trillion won (about 33.7 billion U.S. dollars).

Samsung Electronics said that the August 2015 launch of Samsung Pay, in the first year of the turnover of 2 trillion won, as of the end of April 2019, the turnover has exceeded the 40 trillion mark.

Samsung Pay services uses magnetic security transmission technology, and even through traditional credit card machines, users can trade on their smartphones. According to Samsung, 80% per cent of total transactions are carried out online stores.

Samsung Pay has established partnerships with major payment networks such as the world’s hundreds of banks, American Express and China UnionPay. Samsung payments can be made overseas, including in countries such as the United States, China, Spain, Australia and Singapore.