Samsung Digital Wallet Celebrates its 10th Anniversary, Amassing KRW 430 Trillion in Transactions
In the last decade, Samsung Wallet, a mobile payment and digital wallet service, has undergone a remarkable transformation. Originally launched in 2011, the service has grown exponentially, with a 11-fold increase in domestic users from 1.6 million in 2015 to 18.66 million in the current year.
The service's growth is evident in the surge of yearly transaction volume. In 2016, the figure stood at 3.6 trillion won. However, by 2024, this had increased 24-fold to 88.6 trillion won. The cumulative transactions for Samsung Wallet have reached an impressive 430 trillion won ($310 billion).
Samsung Wallet's expansion is not limited to South Korea. The service is now accessible in countries such as the US, the UK, Saudi Arabia, Brazil, and Singapore, making it available on Samsung Galaxy devices in 61 countries worldwide.
Beyond mobile payments, Samsung Wallet offers a wide range of digital wallet services. These include transit cards, membership programs, bank account management and transfers, airline tickets, mobile coupons, digital identity verification, and digital car keys. The service supports contactless near-field communication (NFC) payments globally with Korean-registered cards and QR code payments in countries partnering with the Global Loyalty Network.
Recently, Samsung Wallet introduced a new installment payment feature in partnership with Splitit. This feature allows users to split in-store purchases into manageable payments using their existing credit cards without additional credit checks or applications. The feature provides multiple installment plans and tracks payments within the app, enhancing financial flexibility at point of sale.
Chae Won-cheol, executive vice president and head of the digital wallet team at Samsung's MX business, stated that Samsung Wallet aims to provide convenience and enhanced customer experience beyond a physical wallet. The service's evolution from a simple payment app into a comprehensive digital wallet platform offering a broad ecosystem of useful financial and identity services globally is a testament to this goal.
[1] Source: Samsung Newsroom ([link to source]) [2] Source: Splitit Press Release ([link to source]) [3] Source: The Korea Herald ([link to source]) [4] Source: ZDNet ([link to source]) [5] Source: TechRadar ([link to source])
- Samsung Wallet's digital wallet services now extend beyond mobile payments, encompassing various financial offerings such as bank account management, transit cards, membership programs, airline tickets, and even digital identity verification – all driven by finance and technology advancements.
- The recent introduction of Samsung Wallet's installment payment feature in partnership with Splitit, which enables users to split in-store purchases into manageable payments, underscores the service's commitment to leveraging technology to provide financial flexibility while shopping.
