Samsung Pay - Competitor Profile

Samsung Pay - Competitor Profile

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. Users can store details of up to 10 debit, credit, and prepaid cards within Samsung Pay.

In May 2020, Samsung introduced the Samsung Money debit card in the US, in collaboration with Mastercard and US-based financial services provider SoFi. 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 addition, it launched a credit card in South Korea - the Samsung Pay Card - in partnership with Samsung Card and Mastercard.

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 identification 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 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 January 2015, Samsung Electronics acquired LoopPay, a US-based mobile wallet startup.
• May 2017, Samsung Pay launched voice-based virtual assistant Bixby Voice on Samsung Galaxy S8 devices in South Korea. The solution allows users to use voice commands to conduct transactions through Samsung Pay.
• In April 2019, Samsung Pay launched transport services in New South Wales, enabling Australians to pay for trips via the state's contactless public fare collection system, Opal.
• In August 2020, Samsung introduced Samsung Pay+ in the UK in partnership with Mastercard and Curve.
• In January 2023, Samsung rolled out Samsung Wallet in eight markets: Australia, Brazil, Canada, Hong Kong (China SAR), India, Malaysia, Singapore, and Taiwan (Province of China).

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.