Samsung sees Samsung Pay not as a revenue stream but as a growth engine for its phones

Pay
By 

Last updated: June 22nd, 2016 at 15:25 UTC+01:00

Samsung and Apple are both competing in the mobile payments market with Samsung Pay and Apple Pay, yet both of them have different strategies. Apple sees its mobile payments service as a source of revenue. It’s believed to charge merchants around 0.15 percent of the transaction value in the United States while Samsung asks for no such payment from its partners. Samsung doesn’t see Samsung Pay as a new revenue stream, at least not yet.

The company considers Samsung Pay to be an engine that drives sales for its smartphones. The idea is to help people get more out of their phones, to make them fall in love with them so that they always stick to the Samsung ecosystem, and Samsung Pay is gradually becoming an integral part of that ecosystem. “We’re a hardware company, and at the end of the day I think what we’re trying to do is get people who hold (one of) our phones and use it … to just love it more,” Elle Kim, Global Vice President of Samsung Pay, told Reuters.

Samsung is slowly expanding its payment service to more markets across the globe. It launched in three new markets over the past three weeks, is already available in China and the United States, and has processed more than $1 billion in transactions in South Korea ever since it was launched there last year. It’s going to launch the service in markets like the United Kingdom, Canada, and Brazil later this year. Samsung is also planning to eventually offer the payment service on its virtual reality headset.

Source Pay Gear VR
Load comments

Related News

Galaxy S10 will drop Gear VR support once Android 12 lands in December

  • By Mihai M.
  • 2 weeks ago

Now that Gear VR is no longer available, Samsung XR service is being k …

  • By Asif S.
  • 2 years ago

Oculus is killing its Samsung Gear VR apps and we’re not surpris …

  • By Adnan F.
  • 2 years ago

Samsung Medical Center becomes a 5G smart hospital powered by AI, VR

  • By Mihai M.
  • 2 years ago

Oculus CTO calls Gear VR a missed opportunity

  • By Naresh
  • 2 years ago

This might be why the Galaxy Note 10 doesn’t support Gear VR

  • By Abhijeet M.
  • 2 years ago

The Galaxy Note 10 might not be compatible with the Gear VR

  • By Mihai M.
  • 2 years ago

Samsung UK brought students with special needs closer to Shakespeare&# …

  • By Mihai M.
  • 2 years ago