70% of Samsung Pay users switch to Wallet

Samsung Electronics Co. announced on Wednesday that 70% of Samsung Pay users have switched to Samsung Wallet, an upgraded version of its electronic wallet service launched by the company on Mar. 20.

In addition to the mobile payment and ATM usage offered by Samsung Pay, Samsung Wallet provides additional features such as digital keys, mobile identification, and storage for boarding passes.

The popularity of Samsung Wallet is attributed to the implementation of mobile driver's licenses and mobile National Merit Certificates, which have the same legal effect as their physical counterparts.

Among these, the mobile driver's license can be used in public and financial institutions and for voter identification in elections.

The fact that the conversion rate to Samsung Wallet among teenagers and people in their twenties exceeds 75% is also cited as a factor for the increase in users.

Samsung Electronics has been running a promotion customized for the teens and twenties generations since the beginning of April.

This campaign offers discount coupons for popular convenience stores and restaurants frequented by teenagers and young adults, all accessible through Samsung Wallet.

Write to Jeong-Soo Hwang at hjs@hankyung.com