Samsung launched its own mobile payment platform in September. Samsung Pay is now available in both South Korea and the U.S. and it is already being used to make an average of about 100,000 payments every day in South Korea alone.
Samsung is not only looking to expand the markets in which its payment service is available but also making it available on a greater range of mobile devices, including both smartphones and wearables. Will Graylin, CEO of Loop Pay, expects that Samsung’s next smartwatch will support Samsung Pay. “At the moment, Samsung Pay is only available on some of Samsung’s premium smartphones,” Graylin said. “But it will spread to smart watches and low and mid-priced smartphones too.”
Samsung is reportedly selling more than 2,000 Gear S2 smartwatches a day in its home market of South Korea, making it a “hit product.” Adding support for Samsung Pay to future smartwatches could “create stronger synergies” and improve sales further.
The report also reveals that Samsung is looking to introduce new Samsung Gear S2 models, including a Gear S2 classic with 3G connectivity and a Gear S2 in rose gold. More luxurious and expensive models using other high-end finishes are also in the works. It’s not immediately clear if these will also be among the first Samsung smartwatches to support Samsung Pay.
Loop Pay helped Samsung developed Samsung Pay’s core technology.
Source : Business Korea