Samsung Pay (formerly LoopPay) reports losses of $16.8 million in 2015

Samsung logoBack in February last year, Samsung bought LoopPay, the startup behind a technology that brings smartphone payment compatibility to all magnetic card terminals, for $229 million. Earlier today, SamsungPay Corporation, which is the new name for the company following Samsung's acquisition, reported audited losses of $20.167 billion KRW, or $16.8 million for 2015.

Despite what seems like a negative financial performance, Samsung stresses that its SamsungPay affiliate brings a strategic advantage to its smartphone division. The company says that by incorporating SamsungPay's MST (Magnetic Secure Transmission) technology, which facilitates smartphone payments at most credit card terminals, Samsung's Galaxy smartphones have secured a path of continuous growth.

Samsung Pay (formerly LoopPay) reports losses of $16.8 million in 2015

In the audited financial performance report, Samsung further builds on this notion. The company indicates that since there are more than 5 million Samsung Pay users in South Korea and the US, SamsungPay has facilitated the sale of 5 million Galaxy S6, S6 edge, S6 edge+, Note 5, A5, and Galaxy A7 units in these two countries. In terms of raw smartphone sales, Samsung's mobile payment unit is said to have contributed to revenue of more than $2.49 billion.

Samsung does not make any profit from Samsung Pay itself, as the company does not impose commissions to either its users or sellers. However, aside from facilitating smartphone sales, the mobile payment division could also serve another, much more important role. By analyzing the data it gets from Samsung Pay, it is believed that Samsung could reap the benefits of a detailed customer behaviour model.

Source: phoneArena

Tags: Samsung

Comments
Add comment

Your name:
Sign in with:
or
Your comment:


Enter code:

E-mail (not required)
E-mail will not be disclosed to the third party


Last news

 
The NVIDIA GeForce GTX 1180 will be Turing-based with a 12nm FinFET die shrink
 
This only works on posts made by profiles that are public
 
 
The device will be standalone and based on a Qualcomm chipset
 
Apple plans on offering a cheaper smart speaker that will be priced at $199
 
Chrome will adopt a new approach to indicating site security
 
Data shows they are leading smartphone sale worldwide
 
Is this an error or it is really happening?
The Samsung Galaxy A5 (2017) Review
The evolution of the successful smartphone, now with a waterproof body and USB Type-C
February 7, 2017 /
Samsung Galaxy TabPro S - a tablet with the Windows-keyboard
The first Windows-tablet with the 12-inch display Super AMOLED
June 7, 2016 /
Keyboards for iOS
Ten iOS keyboards review
July 18, 2015 /
Samsung E1200 Mobile Phone Review
A cheap phone with a good screen
March 8, 2015 / 4
Creative Sound Blaster Z sound card review
Good sound for those who are not satisfied with the onboard solution
September 25, 2014 / 2
Samsung Galaxy Gear: Smartwatch at High Price
The first smartwatch from Samsung - almost a smartphone with a small body
December 19, 2013 /
 
 

News Archive

 
 
SuMoTuWeThFrSa
  12345
6789101112
13141516171819
20212223242526
2728293031  




Poll

Do you use microSD card with your phone?
or leave your own version in comments (10)