Samsung Wallet Money & Points tops 3 million users ... “Overseas payments now available”

[Financial News] The number of users of Samsung Electronics’ prepaid payment service Samsung Wallet Money & Points has topped 3 million one year after its launch. Samsung Electronics is expanding benefits by adding a points-tier system and overseas payment functionality.
Samsung Electronics said on the 22nd that Samsung Wallet Money & Points, launched last October, had surpassed 1 million users two months after launch and 3 million one year after its launch.
Samsung Electronics cited the ability to earn points without a previous-month spending requirement or an earning limit, as well as the option to pay at all participating merchants in South Korea, as reasons for the growth in users. Users earn points by topping up Samsung Wallet Money and using it to make payments. Points earned through purchases can be used like cash without restriction on the next payment.
Since the 20th, Samsung Electronics has been rolling out a points-tier system and overseas payment functionality in the app. Tiers are divided into four levels—Solar, Lunar, Sky, and Young—based on points accumulated over the year. The Young tier, for users aged 14 to 29, gives an additional 3% in points on purchases. Solar and Lunar tier members receive benefits including discount coupons for gifting and additional entries in instant-win draws when paying with Money.
Fourteen mini-games that let users earn points will also be added to the “Benefits” tab in the Samsung Wallet app. The company plans to expand the service’s reach with overseas payments and add more content for users to redeem points in the app.
Samsung Electronics will hold a first-anniversary promotion starting on the 27th. It will give 5,000 points to users who make their first payment with Samsung Wallet Money, and award prizes including a Samsung Galaxy Z Fold 8 through a drawing. The company has also prepared a promotion offering an additional 2.5% in points for payments made with Samsung Wallet Money overseas.
The company will also hold an event awarding 2,000 points to Young tier users who make a single payment through Samsung Wallet using either a Toss Youth Card or a KakaoBank mini card.
Cha Won-cheol, vice president and head of the Digital Wallet Team at Samsung Electronics’ MX (Mobile Experience) Business Division, said, “Samsung Wallet aims to add tangible value to customers’ daily lives. We will expand the ecosystem across everyday touchpoints in South Korea and abroad, and strengthen benefits that customers can experience.”
[email protected] Yoon Hong-jip Reporter