Samsung Pay ends 2015 with losses

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.