Seoul: Samsung Electronics Co. announced that its digital payment platform, Samsung Wallet, has reached over 18.6 million users in South Korea this year, marking a significant milestone on its 10th anniversary.

According to Yonhap News Agency, Samsung Wallet, which is compatible with Samsung smartphones and devices, was launched in August 2015. In its first year, the platform had approximately 1.6 million users in South Korea. The current figure indicates that about a third of the South Korean population utilizes the mobile payment system.

Samsung Wallet has evolved into a comprehensive digital wallet, offering services that extend beyond mobile payments. It includes features such as transportation cards, memberships, banking transactions, airline tickets, and mobile coupons. Samsung reported that the value of annual transactions through Samsung Wallet reached 88.6 trillion won (US$63.6 billion) in 2024, a significant rise from an estimated 3.6 trillion won in 2016. The cumulative transaction total is estimated at 430 trillion won.

Samsung Wallet is available in around 60 countries, including the United States, Britain, Saudi Arabia, and Brazil, reflecting its global reach and adoption.