Samsung Pay is getting off to a strong start in beta tests

Samsung Pay is their attempt to move into the mobile banking sector. The app has been preloaded onto the Galaxy S6, S6 edge, Note5 and the S6 edge+ in the United States, and also launched in Korea last month. The most intriguing factor for Samsung Pay is that they are not charging users, banks and credit card companies fees to use this service which is set to take on the likes of Apple Pay and Android Pay giving users more choices.

According to EVP Injong Rhee, Samsung Pay is off to a strong start with 25,000 new registrants daily in addition to a daily transaction rate of roughly $630USD per day. He didn’t say how many total registrants there actually are, but if Samsung Pay has 100,000 users, that’s $6.30 per user per day. Not a huge sum by any means.

80-90% of users have also made more than one purchase with their devices, and most of those users are Note5 users who tend to be ahead of the curve. Samsung intends to release Samsung Pay officially on Sept. 28th, and will come to countries with high credit card usage rates.

For my own opinion, I know that Samsung has been focusing on security more than most, which is why their devices are used by the NSA to protect their own employees. Samsung KNOX has been proven to be a great security system, so when I am ready to start using my Note to pay for things I most likely will use Samsung Pay too.

As of right now Samsung Pay cannot be used for online payments.

Read the full interview here.

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