Samsung on Friday launched its first 5G smartphone, the Galaxy S10 5G, in South Korea starting at $1,222, hoping to boost the stagnant smartphone market with the new device designed for the latest mobile network.

Three mobile carriers - SK Telecom Co, KT Corp and LG Uplus Corp - started official registration of Samsung's smartphone, Yonhap news agency reported.

They switched on the 5G network for a select group of customers on Wednesday.

While the 256 gigabyte model costs 1.39 million won ($1,222), the 512 GB version is priced at 1.55 million won ($1,361) in the South Korean market.

Users of the new smartphone, which supports both 4G and 5G networks, will have to pay more for their monthly subscriptions than most of the 4G LTE plans as all of the telecom companies' data plans start at the mid-50,000 won range and go over 100,000 won for premium services.

Industry officials expect 5G smartphone users will opt for unlimited plans to enjoy high-quality streaming service as well as virtual reality (VR) and augmented reality (AR) offered by the carriers.

As the high price tag for the device and subscription plan are considered major market barriers, the carriers are offering subsidies ranging from 134,000 won to 475,000 won depending on the smartphone model and package.