Since its inception last year in September, Samsung Pay is reportedly getting more adopted than the older Apple Pay.
Statistics indicate that Samsung Pay has succeeded in registering about 5 million users with a tune of around $500 million valued transactions. In comparison to Samsung’s mobile payment platform, Apple Pay and Google’s Android Pay currently have records of 12 million and 5 million registered users respectively. Given Apple Pay’s much longer existence in the market, Samsung Pay’s current stats’ reckon the platform as the fastest growing in the industry.
Samsung Pay’s fast adoption rate can be attributed to its support for both NFC payment terminals and the MST (magnetic stripe terminals). On the other hand, Android Pay and Apple Pay platform systems function only on NFC-enabled terminals. It should also be considered that Samsung Pay is only supported on its own handsets whereas Google’s mobile payment platform is meant to be supported on various Android devices.
Apple Pay’s large user base can be linked to the huge volumes of iPhones it has been shipping in the recent past. In the United States, Apple has a larger market share with a majority of citizens owning their devices. Despite Samsung having a fairly good share of the US market, North America has been a key stronghold of the South Korean manufacturer’s services and products. Samsung Pay, for instance, is currently compatible with about 70 banks and credit unions with a 70% share of the United States debit and credit card market. In these statistics, Canada has been enlisted as part of North America.
More markets to be covered
Reports have it that Brazil, United Kingdom, Spain, Singapore and Australia are among countries scheduled for Samsung Pay later on in the course of the year. This month, the South Korean giant tech is expected to launch its mobile payment solution in China.
As of now, few Samsung devices are currently supporting the mobile payment platform. These include Galaxy A7, A5, Note 5, S6 Edge+, S6 Edge, and S6. More subscribers are expected to be registered on Samsung Pay with the company’s anticipations of integrating the payment platform on its upcoming releases.
Apple Pay and Android Pay are also expected to register more customers with the current trending integration of NFC support to many new devices. The concept of mobile-based payment solution is rapidly taking over the world at large. Many institutions are currently moving away from the debit and credit card payment systems and embracing the mobile payment system. The mobile payment system is gaining traction as it eliminates the need to carry liquid cash and cards.
Will Samsung Pay manage to beat Apple Pay in terms of the user base? Time will tell.