High Stakes in Mobile Payments

Times of India reports that in a new Samsung Electronics ad, a mysterious monk strides through a supermarket to a hip-hop beat using his staff to wizard groceries into a cart. At the checkout, an acolyte whips out a smartphone to settle up using Samsung's new mobile payment system, as if by magic. The tongue-in-cheek nod to martial arts movies is a plug for Samsung Pay, a technology to be rolled out in the United States later this month that allows customers to pay for goods by simply placing their handsets on or next to a point-of-sale terminal.

Since its August 20 launch in South Korea, Samsung says the service is beating internal expectations by averaging 25,000 new users and more than $620,000 in transactions per day. 

The world's top smartphone maker is trying to push into mobile payments, a sector seen by researcher IDC as being worth $1 trillion in 2017, as part of a drive to stem market share losses to Apple, Huawei Technologies and Xiaomi.


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