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Death Magnetic: Samsung Pay adoption faster than Apple Pay

By Daniel Petrov

Updated: Mar 02, 2016, 3:41 AM

Samsung Pay allows merchants to use their existing terminals

Since its inception back in September, Samsung Pay managed to reach 5 million users and $500 million in transactions, which is a pretty remarkable feat, considering that it's only available on a few phones. For comparison, Google's Android Pay also has 5 million users, while Apple Pay has 12 million, but it has been available for much longer, making Samsung Pay the fastest-growing proprietary mobile payments platform.

The quick adoption of Samsung Pay is undoubtedly due to the buyout of LoopPay. Samsung acquired a company that allows you to do mobile payments the way you do with existing magnetic stripe cards, and merchants don't even have to retool their systems, like they have to do for Apple's system.

Apple Pay requires merchants to equip their POS terminals with dedicated equipment, that is why the uptake has been somewhat slow so far, but Samsung's decision to directly use LoopPay might quickly make it the most widely used mobile payment system, if its growth trend continues unabated.

Death Magnetic: Samsung Pay adoption faster than Apple Pay

source: Bloomberg

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Daniel, a devoted tech writer at PhoneArena from 2010 to 2025, has been engrossed in mobile technology since the Windows Mobile era. His expertise spans mobile hardware, software, and carrier networks, and he's keenly interested in the future of digital health, car connectivity, and 5G. Beyond his professional pursuits, Daniel finds balance in travel, reading, and exploring new tech innovations, while contemplating the ethical and privacy implications of our digital future.