Pay

Samsung Pay adopted by customers much faster than Apple Pay

According to a report published by Bloomberg Business, Samsung’s mobile payment platform, Samsung Pay, has been adopted by customers significantly faster than Apple Pay, despite it currently only being available in two countries — the United States and South Korea. However, the payment processor is set to launch in Australia, Canada, Brazil, Singapore, Spain and the United Kingdom later this year, where it is expected to rake in more monthly users than the Cupertino company’s offering.

Mobile-payment researcher Crone Consulting LLC has revealed that over 5-million customers have registered to use Samsung Pay since its debut in the United States in September, and during that time have spent a total of $500-million, which is pretty astonishing when you take into account that Apple Pay has been around for 17-months and has only attracted 12-million monthly worldwide users.

The main reason behind Samsung Pay’s success is its non-dependency of merchants to have an NFC payment terminal installed. Thanks to the South Korean manufacturer’s acquisition of Loop Pay back in February 2015, Samsung Pay can emulate the magnetic strip on a credit card and process payments in the same way as if you’d swiped your card to pay for the goods. This dramatically increases the number of stores who accept Samsung Pay as it means they don’t have to fork out any cash for new equipment.

Are you a Samsung Pay user? Have you had positive experiences with the service? Would you recommend it to a friend? Be sure to let us know in the comments section below.

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Eki79
Eki79

I’m currently participating in beta testing NFC payments with my bank, but I’m switching straight to Samsung Pay when (or should I say IF) it comes to Finland… if paying with your phone amazes people now, I can only imagine what happens when you do it where there’s no NFC terminal. 🙂

chi-hin
chi-hin

Can someone explain to me how Samsung Pay actually works without an NFC terminal? How is the magnetic strip emulated? What is the payment procedure? I can’t seem to find any information on it on the internet =S Nevertheless am looking forward to it though! Thanks!

futureisnow
futureisnow

You just choose your card and put your phone near where you would normally swipe your credit card, it will detect it by magic…that’s what I have read days ago but I can’t tell you where.

Thjothrekurhaavard
Thjothrekurhaavard

I love Samsung Pay even though here and there it has a few glitches. I love the way iPhone people behind me in line at stores look at me when I pay with my phone, a big middle finger to the fruit logo company.

Chairman2018
Chairman2018

I have Samsung Pay on my Note 5 and use it everywhere with little or no issues, just some merchants have been reluctant to come into the 21st century, but it’s very convenient I don’t have to pull out my wallet to look for my credit card. And don’t have to worry about security thanks to KNOX.

Solun
Solun

I can´t wait for it to arrive to the Czech Republic. People here are eager to try the latest in tech and many companies test here their newest non-cash payment systems including a sticker payment (a sticker on your keys or under the phone cover) or contact-less card payments etc. So no understanding why Samsung didn´t opt for this here. Also, everyone has a Samsung phone here.

jamiebinbaker
jamiebinbaker

Middle East…….

azkendrick
azkendrick

I’ve used Samsung pay successfully at several locations I shop. The only place it didn’t work was Sam’s Club but I think they’re working on their own payment system.