If you think that just because Apple launched its digital wallet service a year earlier than Samsung’s counterpart the latter can’t hope to recover ground and possibly dominate the slowly flourishing market down the line, you may want to reconsider.
Nothing’s settled yet, and even Google is still in it to win it, with Android Pay’s worldwide user base estimated at 5 million people by advisory firm Crone Consulting. Samsung Pay similarly recruited 5 million Galaxy device owners in its mobile transaction program since September 2015, while Apple Pay holds the largest number of monthly active subscribers.
But 12 million isn’t such a remarkable figure for an app that got a healthy head start over its rivals, first seeing daylight stateside in October 2014. Crone therefore assesses Samsung Pay is currently growing much faster than its top adversary, chiefly due to universal support.
Whereas Apple Pay relies entirely on NFC technology, Samsung Pay works with good old fashioned magnetic terminals as well, enabling quick and secure payments literally everywhere credit cards are accepted.
In addition to developing a cult following among existing users of high-end Samsung mobile gear, the service should help protect the company’s waning smartphone supremacy and likely boost revenues. Until now, “only” $500 million have been processed through the digital wallet product, but the overall market might surge to a whopping $142 billion by 2019.
In the short run, Samsung Pay, Apple Pay and Android Pay are all tipped to double their user numbers next year.