Mobile Payment system is now the latest trend in market of payment system. Google has launched Google Wallet, Android has Android Pay and Samsung has Samsung Pay as their mobile payment network system. These mobile payment systems are increasingly getting popular amongst the customers and hence most of the retailers and bankers too have to adapt to this new method of payment. Mobile payment systems are not only convenient but also are safe to use.
There was a recent study conducted in South Korea with regards to the use of mobile payment service. Wise App is a local mobile trend and app ranker conducted survey across the country with smart phone users in March. As per the survey by Wise App it was reported that there are about 2.59 million users of Samsung Pay in South Korea making it number one mobile payment app in the country. The next in the line is Shinhan which has about 1.5 million users and Hyundai card has about 1.23 million users across the country. As per the overall population of the country these numbers look small; however, considering that Samsung Pay was launched only last year the numbers hold great significance.
The Korean company; Samsung does have high scope for improvement in its home country for its new mobile payment app. Though Samsung Pay was used by 2.59 million users across the country it was also recorded that the mobile payment app was used only 41 times per user on an average in the month of March this year, thus leaving a great scope for expanding.
Samsung Pay is also available in North Korea, and China. It also plans to enter Singapore, Australia and the European markets as well. Samsung Pay is growing at a quick rate and hence is giving competition to its biggest rival; Apple Pay.