Samsung Pay in India just jumped one million users from where it stood in mid-September, making the total number of users that are on its network a whopping 2.5 million.
This was declared in an official statement by a company official on Wednesday. It has been a really fruitful summer for this South Korean tech giant as it closes on a very positive note as it now holds a major 47% chunk of the Indian Market.
The mobile payment service segment is south Asia has been growing tremendously with the rapid advancement in technology.
Samsung Pay is just one of the services for mobile payment in this sector and if growth figures are any indication, it is one that is doing pretty well in the face of competition from others in the Indian market.
The future is looking bright and promising for them indeed. The company’s service is shaping up to be a prevalent force in this segment.
Mobile Payment Usage Stats and Increasing Support
Samsung Pay is crushing the competition like nobody’s business. It first came into play in early 2017 when only 10 devices in India were supporting the mobile payments platform. Currently it supports 26 mobile devices with its convenient and easy to use services.
As of now, 10 banks support the payment platform as do 7 local card issuers. Samsung is again making it known that they have plans of expanding the service rapidly in the future.
Samsung Pay places 3rd in out of 20 countries in terms of the largest user base where the mobile payment platform is being used worldwide. South Korea comes in at first, followed by Russia and then India.
Why the Sudden Interest?
India definitely has potential to surpass Russia and South Korea in becoming the largest user base for Samsung Pay. Indians are by far the most accepting of contactless payments, with their acceptance rate being more than consumers elsewhere in the world. A factor to this is the shortfall of cash in the country when some of the more popular Indian banknotes were demonetized in 2016.
That’s why companies like Samsung and others took to filling in the gaps with their innovative mobile payment solutions. They sped up their efforts too, seeing that the need was urgent.
The initial devices where Samsung Pay was offered as a solution were the flagship devices such as the Samsung S8, S8 Plus and Galaxy Note 8 and some of their mid-range models such as the Galaxy J7 Pro and J7 Max. There are rumors that entry-level Samsung devices will also be included with the Samsung Pay platform support in the near future.
Opening Up to Others
Speaking of rumors, Samsung may also bring Samsung Pay to may also t for third party smartphones but there is little information regarding this. It’s in the pipeline, but that may happen in the near future.
Xiaomi has been giving a tough time to Samsung device sales in India as their sales have been growing more rapidly than Samsung’s. Samsung Pay adoption aside, will Samsung be able to catch Xiaomi in their device sales growth?