Samsung Wallet Surpasses 70% Cumulative Conversion Rate

Samsung Pay Relaunched as Samsung Wallet
Over 70% of Users Updated Within 20 Days
'Mobile ID Service' Praised for Use in General Elections

Samsung Electronics announced on the 10th that more than 70% of existing Samsung Pay users updated their app to Samsung Wallet within 20 days of the electronic wallet service's launch.

Samsung Wallet digital outdoor advertisement installed at Gangnam Station on the Shinbundang Line. Photo by Samsung Electronics

Samsung Electronics explained that the newly introduced mobile ID feature in Samsung Wallet is receiving positive feedback from users.

Samsung Electronics newly launched Samsung Wallet, replacing Samsung Pay, on the 20th of last month. It integrated the 'mobile driver's license' and 'mobile national veterans registration card,' which have the same legal effect as physical IDs, into Samsung Wallet. The 'mobile driver's license' can be used for identity verification not only at public institutions and financial institutions but also for voter identification in the 22nd National Assembly elections.

In particular, Samsung Electronics stated that the conversion rate to Samsung Wallet among the 10-20 age group exceeds 75%, a high figure. They also reported positive responses to the customized promotions for the 10-20 age group that have been ongoing since the 1st. Samsung Wallet is conducting promotions offering discount coupons across various industries such as financial services, convenience stores, and food and beverage, which are mainly used by the 10-20 age group.

Meanwhile, Samsung Electronics is also focusing on advertising the Samsung Wallet brand. Digital outdoor advertisements have been displayed at Gangnam Station on the Shinbundang Line.

This content was produced with the assistance of AI translation services.