Tag: Apple Pay

Consumers are more comfortable with their cards than with mobile payments

| March 8, 2016

Google, Samsung, and Apple may have trouble engaging consumers in various markets

Google, Samsung, and Apple have all entered into the competitive mobile payments field and are looking to compete with one another for the favor of consumers. These companies may be facing an uphill battle, however, as the majority of consumers are more comfortable using traditional payment cards than they are using mobile wallets. A new report from Juniper Research shows that the number of people involved in the mobile commerce space is growing, but consumers are still more willing to use their credit and debit cards.

Report predicts that 148 million people will be using mobile wallets by end of year

According to the report from Juniper Research, 148 million people throughout the world will be using their mobile devices to make a purchase in a physical store by the end of 2016. An estimated one in five point-of-sale systems in the United States now support NFC technology, which forms the backbone of mobile payments. The report also shows that there is a major uptick in the number of cards registered to mobile payment systems when they launch in new markets. When Apple Pay launched in China, some 40 million new cards were added to the service in just 24 hours.

Registering cards with mobile wallets does not translate into using new payment devices

Mobile Payments - Credit CardsConsumers registering their cards with mobile payments services does not mean they are actually using mobile wallets, however. The report from Juniper Research shows that just 22 million consumers in the United States have decided to transition away from traditional wallets to their mobile counterparts. Even with the availability of services that can be used with any point-of-sale system, consumers are still more comfortable with traditional forms of commerce.

Europe may be the most attractive market for mobile commerce

Companies participating in mobile commerce are becoming more focused on Europe, where payment cards have become more secure and NFC technology is already quite popular. Europe may serve as the tipping point for the mobile payments space, as consumers in this region are feeling more comfortable with paying for products with their mobile devices.

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.