Samsung Wallet Money tops 3 million users in first year

Samsung Electronics' mobile payment service Samsung Wallet Money has surpassed 3 million subscribers within its first year. The company is rolling out new features, including a points rating system and overseas payment support, as it moves to expand the service.

Samsung Electronics announced Thursday that it has been rolling out an app update adding new features to Samsung Wallet Money starting Tuesday, marking the service's first anniversary.

Samsung Wallet Money is a prepaid mobile payment service integrated into the Samsung Wallet app. Users earn points when they make purchases using charged funds, and accumulated points can be used as cash in subsequent transactions.

The service launched in October last year and reached 1 million subscribers within two months, surpassing 3 million after one year. Samsung Electronics cited the absence of monthly spending requirements or points accumulation limits, as well as acceptance at all domestic merchants, as key drivers of its growth.

To mark the first anniversary, Samsung Electronics is introducing a new four-tier points rating system. The tiers are Solar, Lunar, Sky (the default level) and Young.

The Young tier, available to users between the ages of 14 and 29, offers an additional 3 percent points bonus on every purchase. Solar and Lunar tier customers receive benefits including gift discount coupons and extra instant-win entries when paying with Samsung Wallet Money.

The app's benefits tab will also gain 14 mini-games, allowing users to earn points through gameplay. Overseas payment support is being introduced as another new feature.

A first-anniversary event will run from Tuesday. First-time Samsung Wallet Money users will receive 5,000 points immediately, and the company will hold a prize draw offering items including the Galaxy Z Fold8.

Customers who use Samsung Wallet Money abroad will earn an additional 2.5 percent in points. A separate promotion for Young-tier customers offers 2,000 points for making a single payment with a Toss Youth Card or Kakao Bank mini card registered in Samsung Wallet.

Chae Won-cheol, Samsung Electronics MX Division Digital Wallet team leader and executive vice president, said adding real value to customers' everyday lives is what Samsung Wallet aims to do. "We will continue to expand the Samsung Wallet ecosystem across a wide range of lifestyle touchpoints at home and abroad, and keep strengthening the benefits that customers can feel in their daily lives," he said.

Meanwhile, Samsung Wallet recorded the highest monthly active users among major domestic payment apps in September, with about 18.87 million users, according to app and payment data analytics firm WiseApp Retail.