Customers across the globe are trying to adapt to the new “digital wallets,” also known as “mobile-based payment systems.” The front-runners include Apple Pay, Samsung Pay and Android Pay (formerly Google Wallet).
A new Bloomberg report says the relatively new Samsung Pay’s adoption rate has been faster when compared to the Apple Pay (when it debuted). As it turns out, Samsung has reportedly signed up 5 million users so far. Following which, the company apparently processed more than $500 million in transactions.
It is worth noting that, Samsung Pay was introduced only in September 2015 in the U.S., while Apple Pay debuted in October 2014. So far, Apple Pay apparently has about 12 million monthly users since its launch, whereas Google’s Android Pay that debuted alongside Samsung Pay in September has 5 million users. However, it’s worth noting that Google introduced the Wallet in 2011, but the company made significant changes to it and re-released as Android Pay in 2015.
So how is Samsung Pay different from the rest? The South Korean tech giant acquired the mobile payment solution provider Loop Pay in 2015. The technology used by this company apparently mimics the magnetic strip on a credit card and therefore, it eliminates the need for an NFC terminal to accept payments. This means, retailers can use the existing check-out terminals for transaction.
However, in the case of Apple Pay, retailers need specific payment terminals to process the transaction. This also means Samsung Pay is accepted in shops and outlets where there’s an option to make regular card payments.
Speaking of compatible handsets, Samsung Pay works with Galaxy S6, S6 Edge, S6 Edge+, S6 Active, Note 5, Galaxy S7 and S7 Edge. The Apple Pay, on the other hand, is compatible with iPhone 6s, iPhone 6s Plus, iPhone 6, iPhone 6 Plus and Apple Watch paired with iPhone 5 or higher. The Android Pay was reportedly compatible with about 70 percent of all Android devices during launch.