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Samsung Pay ends 2015 with losses

Samsung Pay ends 2015 with a loss of more than $16 million
Samsung Pay
This mobile payment service lost almost $17 million during its first year under Samsung, but they are not charging any fees to merchants for now.
Codrut Nistor,
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Previously known as LoopPay, Samsung Pay is a mobile payment system that has launched in South Korea, the arrived in the US less than a year ago. However, this service managed to grow very fast and now covers more than 70 percent of the US credit and debit card market. Samsung Pay will reach more markets later this year, including China, the UK, Australia, Singapore, and Russia.

According to etnews, this service "made net loss of $16.8 million (20.167 billion KRW) in its first year of being part of Samsung." On the other hand, this is only the beginning and Samsung considers its mobile payment system to be "an investment that will strengthen competitive edge in Galaxy Smartphones." 

The service launched last year in August and, unlike its main competitors, it never charged fees to merchants that provide Samsung Pay-powered payments to their customers. The company's audit report for 2015 also shows a $23.6 million debt and a net worth of $10.5 million. Loop Pay became a part of Samsung back in February 2015, after being purchased for $229 million.

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Codrut Nistor
Codrut Nistor - Senior Tech Writer - 5436 articles published on Notebookcheck since 2013
In my early school days, I hated writing and having to make up stories. A decade later, I started to enjoy it. Since then, I published a few offline articles and then I moved to the online space, where I contributed to major websites that are still present online as of 2021 such as Softpedia, Brothersoft, Download3000, but I also wrote for multiple blogs that have disappeared over the years. I've been riding with the Notebookcheck crew since 2013 and I am not planning to leave it anytime soon. In love with good mechanical keyboards, vinyl and tape sound, but also smartphones, streaming services, and digital art.
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Codrut Nistor, 2016-03- 8 (Update: 2016-03- 8)