rtmark
LearnBonds.com

Apple Inc. (AAPL) Smacked by Old School Tech From Samsung

apple inc. pay performance

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.

apple_pay_reader_660.0

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.

All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Avatar

Victor Alagbe is a seasoned business and finance writer with a specialty in writing about how to invest for the long-term in healthcare, pharmacology, energy and tech stocks. His long-term focus is on stocks that provide a nice mix of growth and income. For the short term, he passionately writes about trading stock options for the excitement and leverage that stock options offer.

X

Leading Social Trading Platform with 0% Commission

Leading Social Trading Platform with 0% Commission

Leading Social Trading Platform with 0% Commission

TRADE WITH ETORO

75% of investors lose money when trading CFDs.

Leading Social Trading Platform with 0% Commission
TRADE WITH ETORO

75% of investors lose money when trading CFDs.

HTML Snippets Powered By : XYZScripts.com