Competitor Profile: Samsung Pay 2024

Competitor Profile: Samsung Pay 2024

Summary

Samsung Pay is a mobile payment solution launched by Samsung in August 2015. Samsung Pay is available for a range of Samsung products, including its Galaxy devices and Gear wearable technology. It was the first mobile payment offering to support NFC, magnetic secure transmission, and barcode scanning in a single solution. It is supported by more than 2,800 international and regional banks and credit unions in the US, including Bank of America, Wells Fargo, Citibank, Capital One, PNC, and TD Bank. In August 2020, Samsung introduced the Samsung Pay+ card solution in the UK, in partnership with Mastercard and digital banking platform Curve. This solution allows users to link the details of multiple cards to the Samsung Pay+ card, which can then be used for payments. In June 2022, Samsung introduced Samsung Wallet, which combines the existing features of Samsung Pay with additional functionality. In addition to mobile payments, users can also store and access digital keys, boarding passes, and essential documents such as ID cards and driving licenses digitally within the wallet. To migrate, users need to apply an update to the app. However, users can keep using Samsung Pay if they do not want to switch. Samsung Wallet is only available on select devices running Android 9 or above.

The report provides information and insights into Samsung Pay including -

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• The company's important events and milestones

Scope

• In August 2015, Samsung Pay launched in South Korea, developed from LoopPay technology.
• July 2017, Samsung Pay partnered with PayPal, allowing its users to link their PayPal accounts and make payments via Samsung Pay.
• In March 2019, Samsung Pay launched in Indonesia.
• In October 2021, Samsung introduced new feature enabling Samsung Pay users in India to scan QR codes using their phone camera or by choosing the ‘scan QR’ option on the quick panel of their Samsung Pay device, without needing to open the Samsung Pay app.
• In May 2024, Samsung partnered with the National Bank of Oman to allow the bank’s customers to make payments using the Samsung Pay app.

Reasons to Buy

• Gain insights into Samsung Pay business operations and key events.
• Gain insights into its product portfolio.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.