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.