Apple Inc. mobile payment system Apple Pay is already gaining support slowly after its launch last year. Yet, Apple Pay is not killing the wallet as the adoption rate of the payment system remains low. Google Inc has also entered the payment space with its Android Pay as part of efforts to kill credit cards. Yet, it appears that late entrant, Samsung Pay, will be the payment system to succeed in killing the wallet.
The Wall Street Journal reports that Samsung Pay has found a way to make it easy for people to pay with their phones in places where you can’t pay with Android Pay or Apple Pay. WSJ reports that the main reason Samsung Pay will succeed where Apple Pay and Android Pay are struggling is that “Samsung Pay is the kind of leap forward for smartphones you have to see to believe. Hold a phone over the spot where you or a cashier would normally swipe a credit card, and the charge goes right through.”
Samsung Pay to trash Apple Pay and Android Pay
Apple Pay is designed to promote contactless payments and it is already having a pleasant debut as the firm moves ahead with the push for the widespread use of Apple Pay in Europe – the long-term vision is to use Apple Pay to Apple to rewrite how payment processing is done globally. Android Pay from Google seems like a me-too service that Google wants to use to replace its dying Google Wallet service.
Samsung Pay has an edge over both Apple Pay and Android Pay because of its focus on easy usage. Apple Pay and Android Pay are both available in more than 1 million stores but Samsung Pay can be used in more than 85% of all stores. Samsung Pay is available in 85% of stores because it is designed to be used with new NFC-enabled card registers and the old registers that use ancient magnetic-stripe readers.
The fact that Samsung Pay can be used with old registers makes it easy to leave the wallet behind as opposed to Apple Pay and Android Pay that you can’t use at Starbucks or the mom and pop store down the street.
There’s nothing new under the sun
Apple will give it to Samsung that the Korean firm has stolen the show of innovation from Apple by making its payment service compatible with magnetic-stripe readers. Apple wants stores to install NFC-compatible registers so that can start accepting Apple Pay payments. Samsung Pay is also NFC compatible, but Samsung says the presence/absence of an NFC-enabled machine should not determine where and how you shop.