Samsung Electronics said Monday that as Samsung Wallet celebrates 10 years this month, more than a third of South Koreans are using it, and cumulative transactions have reached 430 trillion won ($310 billion).
Since the all-in-one mobile payment and digital wallet service debuted a decade ago, domestic users have surged from 1.6 million in 2015 to 18.66 million this year, marking an 11-fold increase that amounts to roughly one in three South Koreans.
Samsung Wallet’s yearly transaction volume has increased from 3.6 trillion won in 2016 to 88.6 trillion won in 2024, a 24-fold increase. Cumulative transactions have totaled 430 trillion won.
What began as a mobile payment platform has now expanded to include services such as transit cards, membership programs, bank account management and transfers, airline tickets, mobile coupons, mobile identification and digital car keys.
The service is now available in 61 countries, including the US, the UK, Saudi Arabia, Brazil and Singapore, through local partners for Galaxy device users.
Samsung Wallet enables contactless near-field communication, or NFC, payments globally with Korean-registered cards, while also allowing QR code payments in Global Loyalty Network partnering countries.
“We will continue to provide convenience and customer experience that go beyond a physical wallet, through various technologies,” said Chae Won-cheol, executive vice president and head of the digital wallet team at Samsung’s MX business.
sahn@heraldcorp.com
