As Samsung prepares to officially launch Samsung Pay in the US later this month, expectations on this new product is pretty high, not just for the Korean OEM but for the whole mobile payment industry. Insiders are saying that it has defied internal expectations since they launched in South Korea last month, and this is a good sign for a service that will go up against powerhouses Apple and Google with their Apple Pay and Android Pay set to go full gear later this year.
Figures from Samsung show that since they launched in South Korea last August 20, they have had on an average, 26,000 new users and $620,000 worth of transactions per day. These are pretty good numbers, but then again the Korean market is not one to shy away from new digital things. The test now would be if this is something consumers outside their native market, in this case the U.S., would try out.
IDC has said that the mobile payment industry will be worth $1 trillion in 2017, and for an industry leader that has lately been suffering sales-wise, it is a pie that they’d want to take a bite out of. During the April-June period, Samsung’s global smartphone market share further dropped to 21.9% from the previous 26.2% same period last year.
Samsung Pay has the advantage over an Apple Pay, since it can already use existing card readers in retail stores, unlike the latter that has to ask retailers to install new equipment. Android Pay has yet to fully reveal its plans, but they will be using both card readers and the app itself, so it will be interesting how everything will play out for these three big players.
VIA: Reuters
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