Tag: samsung

Samsung is closing in on Apple in the mobile payments race

| March 4, 2016

Samsung and Apple may go head to head in the growing mobile market

In the race for dominance in the mobile commerce field, Samsung is beginning to catch up to Apple. Google, Samsung, and Apple have all established a foothold in the mobile payments field with their relatively new services. These services make it possible for consumers to pay for products using their mobile devices, both online and in physical stores. Mobile payments services are growing in popularity, especially in China, where both Samsung and Apple are currently vying for the favor of consumers in the competitive market.

Samsung Pay now has more than 5 million registered users

Samsung recently introduced its Samsung Pay service, which has already acquired a great deal of support from companies and consumers alike. According to Samsung, some 5 million people have already signed up for the service. Samsung Pay has processed more than $500 million transaction in the United States alone since launching in September of last year. The service is quickly closing in on Apple Pay, which has established a strong lead in the U.S.

Apple Pay still has a considerable lead over other services

Mobile Payments RaceApple Pay has an estimated 12 million monthly users throughout the world, experiencing aggressive growth since its launch in October of 2014. The service recently launched in China following some resistance from Chinese banks and is expected to find some modest success. Many consumers have come to show support for Apple Pay because of its security features, which are also present in Samsung Pay and Google’s Google Pay service.

Innovative technology may help Samsung compete with others

While Apple currently holds the lead in the mobile payments space, Samsung is likely to catch up quickly due to the acquisitions it made last year. Samsung acquired LoopPay in 2015, whose technology mimics the magnetic stripes found on most conventional payment cards. This has made Samsung Pay more accessible to a wide range of consumers. Backed by this technology, Samsung may be able to establish a very powerful position in the mobile commerce market, which is expected to reach $142 billion by 2019, according to Forrester Research.

Samsung to launch its mobile payments service in China this week

| February 24, 2016

Samsung Pay will be launching in China soon

Samsung is planning to launch its first mobile payments service, called Samsung Pay, in China this week. The company is set to compete with Apple, which has only very recently brought its own payment service to the country. Unlike Apple, however, Samsung may have a relatively easy time engage consumers with its new service. Jefferies, a global investment bank, believes that Samsung will find success in the Chinese market, which has become heavily involved in mobile commerce in recent years.

Analysts see Samsung Pay finding more success among consumers than Apple Pay

Jefferies equity analyst Johnny Wong Kin-man believes that there will be less fanfare surrounding the launch of Samsung Pay, but it will likely be more accepted among merchants than Apple Pay. Apple has had trouble ensuring the launch of its payment service in China, where banks had shown relatively little interest in the service. Banks had shown concern that Apple was attempting to take advantage of the mobile commerce ecosystem that they have already established. Apple has since acquired the support of several banks, many of whom see a great deal of promise in the mobile payments space.

Samsung Pay could become a universally accepted payment platform

Mobile Payments Solution to Launch in ChinaSamsung Pay has already proven to be extremely popular among merchants. Samsung predicts that as many as 30 million merchant locations throughout the world will accept the new payment service in the near future. This would make Samsung Pay the world’s first mobile commerce solution that has near universal acceptance. In China, Samsung Pay may become quite popular among consumers that have become reliant on their mobile devices while shopping.

Samsung will face significant competition from Alibaba and Tencent

While Samsung may be able to find more success than Apple, it will face major competition from other companies that have become involved in mobile payments. Both Alibaba and Tencent have established major footholds in the mobile space, with consumers using the platforms these companies have develop to purchase products online and send money to one another.