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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.

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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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2016 03 > Samsung Pay ends 2015 with losses
Codrut Nistor, 2016-03- 8 (Update: 2016-03- 8)
Codrut Nistor
Codrut Nistor - News Editor
Although I have been writing about new software and hardware for almost a decade, I consider myself to be old school. I always enjoy listening to music on CD or tape instead of digital files and I will not even get into the touchscreen vs physical keys debate. However, I also enjoy new technology, as I now have the chance to take a look at the future every day. I joined the Notebookcheck crew back in 2013 and I have no plans to leave the ship anytime soon.