Samsung is happy and the reason seemed obvious at the Money 20/20 payments conference in Las Vegas. Samsung pay that was launched on September 28th in the united states is performing better than expected. It is still the beginning of the mobile payment era but Samsung seems to have already won the war.
The company representative has informed that Samsung pay has been used 8 times per user. A record for any mobile payment system indicating that user who use Samsung pay are more likely to return to the service.
“Consumers who have used Samsung Pay are using it repeatedly because it works almost anywhere you can swipe or tap a card,” Thomas Ko, global co-general manager of Samsung Pay said.
Samsung has partnered with companies such as MasterCard, visa and chase to offer the mobile payment service on their phones. It has now stated that apart from the existing banks, another 13 banks will now support Samsung pay. I wanted a specific feature and it is finally realising. Samsung is adding support for gift card. But not immediately. By partnering with the Blackhawk network, Samsung will roll out support for gift cards by the end of this year.
In comparison, after the death of initial hype of apple pay, the growth seems to have slowed and android pay is yet to make a dent in the mobile payment system. They both need the NFC terminals to make a transaction possible. But Samsung acquired loop pay in order to get Samsung pay to work on normal credit card swiping terminals by using the magnetic strip tech and can even work on the NFC terminals.
It has become clear that Samsung pay has won the initial round of mobile payment war with innovative features and ease of use.
