'Samsung Wallet,' the integrated digital wallet service by Samsung Electronics, celebrates its 10th anniversary this year. First introduced in August 2015, Samsung Wallet has evolved beyond a simple mobile payment method to become a digital life platform that covers payments, transportation, identity verification, membership, and electronic documents, encompassing all aspects of everyday life.

According to Samsung Electronics on August 11, the number of Samsung Wallet subscribers has increased approximately 11-fold, from 1.6 million in its first year to 18.66 million today. This means that one out of every three people in Korea uses the service, and the average number of daily activations reaches 16.6 million. The annual payment amount grew from 3.6 trillion won in 2016 to 88.6 trillion won in 2024, an increase of about 24 times, with the cumulative payment amount reaching approximately 430 trillion won. While the domestic simple payment market expanded more than tenfold from 23.5 trillion won in 2016 to 350 trillion won in 2024, Samsung Wallet has consistently broadened both its user base and service domains.

Samsung Wallet Celebrates 10th Anniversary
Subscribers Reach 18.66 Million
Cumulative Payment Amount Hits 430 Trillion Won

Beyond Mobile Payment Methods
Establishing Itself as a Digital Life Platform for Payments, Transportation, and Identity Verification

Incorporating Artificial Intelligence Technology
Plans to Develop an Intelligent Platform
"Providing Convenience Beyond a Wallet"

Samsung Electronics' integrated digital wallet service 'Samsung Wallet' marked its 10th anniversary this year since its debut in August 2015. Photo by Samsung Electronics

The most distinctive feature of Samsung Wallet is that it 'replaces all wallet functions with a single application (app).' In addition to credit and debit card payments, it integrates ▲ transportation cards ▲ membership cards ▲ account management and transfers ▲ airline tickets and event tickets ▲ mobile coupons. It also supports mobile resident registration cards, driver’s licenses, and national veterans’ registration cards, all of which have the same legal effect as physical IDs, as well as mobile student IDs and functions for viewing and submitting electronic certificates. Furthermore, with the addition of digital car key functionality, it has realized a 'completely digital wallet' environment where there is no need to carry a physical wallet in daily life.

This evolution has been based on collaboration with domestic and international partners. At launch, Samsung Wallet took into account the domestic payment infrastructure environment and supported both existing magnetic stripe readers (MST) and NFC, enabling the service to expand without imposing additional burdens on merchants.

Samsung Wallet has also expanded its competitiveness globally and now provides services with local partners in 61 countries, including the United States, the United Kingdom, Saudi Arabia, Brazil, and Singapore. With a domestically registered card, contactless payments can be made at NFC merchants worldwide, and in countries partnered with Hana Bank’s global payment platform GLN, users can make payments or use ATMs simply by scanning a QR code. In 85 cities across 12 countries, subways and buses can be accessed with just a credit card, and major currency exchange and same-day pick-up services are also available.

Looking ahead, Samsung Electronics plans to incorporate artificial intelligence (AI) technology to develop Samsung Wallet into an 'intelligent personal finance and lifestyle platform.' Chae Woncheol, Executive Vice President and Head of the Digital Wallet Team at Samsung Electronics MX Division, stated, "We will continue to provide convenience and experiences that go beyond a traditional wallet, based on a variety of technologies."