Samsung Pay hits 10 tln won in accumulated transactions in S. Korea

SEOUL-- Samsung Electronics Co.'s mobile payment service has hit 10 trillion won (US$8.76 billion) in accumulated transaction volume in South Korea, the company said Sunday.

Samsung Pay was launched at home in August 2015 and had 2 trillion won of transactions in its first year.

It uses magnetic secure transmission technology, allowing users to make transactions with smartphones even through traditional credit card machines.

Of the total volume, 30 percent was made via online platforms, according to the tech giant.

The service is also available overseas, including in the United States, China, Spain, Australia and Singapore.

Samsung Pay has forged partnerships with hundreds of banks worldwide and major payment networks, such as American Express and China UnionPay, the company said.

Source: Yonhap News Agency

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