Apple Pay was introduced to China last month and Samsung Pay is said to come to China soon. These two giants are competing to get more market share.

Samsung Pay released the earnings report and it indicated that PhoneArena reported that the company lost $16.8 million for this business, reports PhoneArena.

Samsung aquired startup company LoopPay at $229 million in Feb, 2015. It renamed the company as Samsung Pay Corporation then. LoopPay brought Magnetic Secure Transmission (MST ) for Samsung.

Samsung claimed that Samsung Pay gives superiority for Samsung mobile section, although its business did not perform as well as it expected. It added the Samsung Pay based on MST technology allows Samsung mobile to pay on most of credit cards terminals. This is one of the reasons that the sustainable growth of Galaxy series.

Samsung stated in the report that the users of Samsung Pay in South Korea and United States reached 5 million. It indicated that the sales volume of Galaxy S6, S6 edge+, Note 5, A5 and Galaxy A7 reached 5 million units in these two countries. According to its sales data for Samsung mobiles, Samsung Pay contributed to revenue of $ 2.49 billion.

As Samsung Pay doesn’t charge commission from merchants and consumers, Samsung could not make much profit from Samsung Pay. Samsung Pay also stimulates other business besides the promotion of mobile sales. Samsung could analyze the consumption models and adjust its strategy based on the figures.