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Death Magnetic: Samsung Pay adoption faster than Apple Pay

Samsung Pay allows merchants to use their existing terminals

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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posted on 02 Mar 2016, 03:41 15

1. Arschsalat (banned) (Posts: 158; Member since: 29 Feb 2016)

Business is booming

posted on 02 Mar 2016, 04:55 10

13. S.R.K. (banned) (Posts: 678; Member since: 11 Feb 2016)

Samsung pay is booming, and Apple pay stagnating.

posted on 02 Mar 2016, 17:24

48. AlikMalix (Posts: 5836; Member since: 16 Jul 2014)

Does Samsung pay work with chipped cards?

posted on 02 Mar 2016, 03:44 9

2. jesus_sheep (Posts: 257; Member since: 18 Apr 2015)

Samsung is a much larger and broader company than Apple. Apple will soon fade once their cash evaporates.

posted on 02 Mar 2016, 04:23 6

5. meanestgenius (Posts: 11546; Member since: 28 May 2014)

Let's be real here: with some $200 billion in cash reserves, Apple's cash isn't going to evaporate any time soon. Or any time within the next 10 years or more.

But you are correct in that Samsung is a larger company than Apple with a broader reach.

posted on 02 Mar 2016, 04:24 11

6. RajRicardo (Posts: 394; Member since: 28 Feb 2014)

They said the same about Nokia.

posted on 02 Mar 2016, 04:36 8

7. meanestgenius (Posts: 11546; Member since: 28 May 2014)

Nokia was NEVER the world's largest tech company EVER like Apple is, monetary wise. Apple has more money than oil companies.

posted on 02 Mar 2016, 06:13 4

20. Finalflash (Posts: 3084; Member since: 23 Jul 2013)

It was the world's largest phone company as Apple now is. To call Apple the world's largest tech company is a joke seeing as how the vast majority of their business is phones and the rest is either marginal or sinking.

posted on 02 Mar 2016, 10:02 1

26. meanestgenius (Posts: 11546; Member since: 28 May 2014)

Apple being the labeled "The world's largest tech company" by monetary value is NOT something I came up with. Google it and see for yourself.

Yes, Nokia WAS the world's largest phone company, but they had nowhere near the cash reserves that Apple has on hand now.

Let's leave fanboyism and hate aside and be honest here.

And this is coming from a diehard Symbian/Nokia fan, and a marginal Apple fan.

posted on 02 Mar 2016, 15:27

34. TechieXP1969 (limited) (Posts: 10115; Member since: 25 Sep 2013)

Apple isnt the largest tech company by value, Google is. So try Googling what you claimed you Google'd before.

posted on 02 Mar 2016, 16:21

42. meanestgenius (Posts: 11546; Member since: 28 May 2014)

They are the world's largest tech company as far as cash goes. NO OTHER tech company in HISTORY has made as much money as Apple has. Why don't you quit it with your Apple hate and trolling Apple articles and go and actually get a life.

posted on 02 Mar 2016, 16:41

45. meanestgenius (Posts: 11546; Member since: 28 May 2014)

And I said "monetary value", meaning REVENUE. So perhaps you should take my advice and Google it before spouting off at the mouth.

posted on 02 Mar 2016, 15:25

33. TechieXP1969 (limited) (Posts: 10115; Member since: 25 Sep 2013)

Apple is not the worlds largest phone company. Not even by a mile. Apple has never sold 300M phones in a year. Samsung sold 430M+ phones in a single year.

Apple and Blackberry have never done this.

posted on 02 Mar 2016, 16:34

44. meanestgenius (Posts: 11546; Member since: 28 May 2014)

What does BlackBerry have to do with an article about Samsung and Apple? Or have you decided to troll BlackBerry now, like you always troll Apple?

posted on 02 Mar 2016, 16:45

46. meanestgenius (Posts: 11546; Member since: 28 May 2014)

As of FY 2015.

Doesn't make a difference if you sell more phones but make less money on said phones.

posted on 02 Mar 2016, 04:54

12. hemedans (Posts: 511; Member since: 01 Jun 2013)

And Nokia is not dead, they just change business both NSN and ALU generate around 3 billion Euro in revenue every quater,

posted on 02 Mar 2016, 15:24

32. TechieXP1969 (limited) (Posts: 10115; Member since: 25 Sep 2013)

And Blackberry.

posted on 02 Mar 2016, 15:24

31. TechieXP1969 (limited) (Posts: 10115; Member since: 25 Sep 2013)

It will if ipad and iPhone sales keep falling. If you are making any money vs what you're spending, what you think is goign to happen to yoru reserves?

Wake up man its simple math.

If you had $1M in the bank and you have a job. As long as you make enough money, you never have to touch yoru savings. But lets say you lose your job and your next job pays 1/2 as much. You bills arent goign to drop by 1/2. Right? So what happens? Either you get a second job or you start dipping in the savings. You keep dipping without replacing and the reserves will go down.

Consider Apple has 100,000 employess, has to pay for components and distributions, payroll, lawsuits ( to the winners, the lawyers and more) and if their income keeps dropping their cas reserves will take a hit.

Considering banks only draw so much interest on cash. When you have Billions, interest bearing accounts have much lower percentages.

The cash will start to go down. There is no rule or law that prevents any company no matter how big to go broke. As Montgomery Wards, Ask Sears and many others.

$200Billion is not a lot of money for a company that can burn $1B in a single year or more.

posted on 02 Mar 2016, 16:32

43. meanestgenius (Posts: 11546; Member since: 28 May 2014)

Why do you think I'm going to waste my precious time reading one of your poorly typed college essay styled post that's usually full of $#!t? Save that crap for someone who gives a crap. NO OTHER tech company in the history of tech companies has as much money as Apple does. And they ain't running out of that $200 billion anytime soon, especially considering how carefully they actually spend their cash. That's my point. Whether you can actually comprehend that or not is not my concern.

posted on 02 Mar 2016, 23:13

50. roscuthiii (Posts: 2217; Member since: 18 Jul 2010)

As far as Apple's cash goes that you keep mentioning... the majority of that cash is tied up in long-term investments. It's not able to be immediately liquidated. If they do liquidate it, it will only be worth a fraction of the amount they've writing on the bottom line.
Another issue with that cash pile is that it's overseas and they can never bring it in to the US without paying taxes on it. In which they will lose 40% of whatever they move.
And... yes, one more thing about that balance sheet. They aren't accounting for any outstanding debts.
They're riding on the laurels of the gross and keeping the net hush-hush.


In actuality... they have about $20B in cash.

posted on 03 Mar 2016, 03:13

51. meanestgenius (Posts: 11546; Member since: 28 May 2014)

I'm actually aware of that. Doesn't change the fact of where they are on this list compared to Samsung and others:


I'm not some Apple shill.

posted on 03 Mar 2016, 20:51

53. roscuthiii (Posts: 2217; Member since: 18 Jul 2010)

And yet if you look at the list you've just linked to, the only corresponding pattern to the placement of each company on it is by "revenue" which puts Apple at the top and as you state you're aware... Apple doesn't really have $233B in revenue. The list is moot.

Bad data in, bad data out.

posted on 02 Mar 2016, 19:16

49. Fellwalker (Posts: 356; Member since: 04 Apr 2014)

Wake up man yourself. Read your last paragraph again. It is 200 years of money.

posted on 02 Mar 2016, 03:47 5

3. wando77 (Posts: 838; Member since: 23 Aug 2012)

I think once Sammy pay is introduced in Europe and rest of world and also on more phones (A series etc) then it will fly past apple pay. And it deserves to being the superior tech :)

posted on 02 Mar 2016, 04:15 1

4. BobLawblaw (unregistered)

Great Metallica album..

posted on 02 Mar 2016, 04:40 9

8. shuaibhere (Posts: 1986; Member since: 07 Jul 2012)

Samsung pay deserves it....

posted on 02 Mar 2016, 04:43 11

9. Mrinal (Posts: 36; Member since: 28 Feb 2016)

Samsung pay is in good pace due to its combo of MST and NFC.
Due to MST its easily adopted and can be used with ease.
So there is no need for retailers to upgrade there POS machine.
I think even Apple must adopt MST to survive in this market or else Samsung pay will conquer majority of share in market within next few years.

posted on 02 Mar 2016, 12:38 1

29. Jimrod (Posts: 1354; Member since: 22 Sep 2014)

I think it depends where you are... I haven't seen anyone using MST in the UK for years. Contactless payments are growing rapidly and if not that then people are using chip and pin.

posted on 02 Mar 2016, 13:45

30. Mrinal (Posts: 36; Member since: 28 Feb 2016)

Then there's no use of any kind of Samsung,apple or android pay.
My above statement was for those countries where they use MST or NFC POS devices.
And in all those country majority is MST POS devices and only few NFC POS devices.

posted on 02 Mar 2016, 15:44

37. TechieXP1969 (limited) (Posts: 10115; Member since: 25 Sep 2013)

So what if no one uses MST. The phones still support NFC payments, so what is wrong with both.

The phones are sold in 2 major countries where bot are available.

geez dude. You dont want to give Samsung credit for anything. So because Samsung sells phones in the UK, are they suppose to make the UK ones support only NFC? Suppose that person comes to the USA and he goes to a retailer that doesnt have NFC, which is logical seeing that only 10% of them do.

I can also tell you now, out of those 10%, half of them are not major retailers.

I knwo because I frequent the largest retailers in the USA.

Target card readers dont support NFC. In fact it is easier to list the ones I seen that do. McDonald's does support NFC payments, but my MST works too. Walgreens is another. I don't shop at Wal-Mart, but I believe they support NFC as well.

I have never gone to any retailer that has an Apple Pay sticker on the door.

In fact I see people standing in line with both latest iPhone models and not one has ever used Apple Pay. I have tried to get both my sister and my mom who both have the 6/6S Plus respectively to use Apple Pay. They think its less secure than swiping.

The reason mobile payment adoption si slow is because, first many people are simply creatures of habit and are use to pulling out their plastic cards or cash....Next, Apple has an acceptance problem no matter how many banks they sign up. You can have all the world banks accepting, but it wont matter if the retailers dont have the terminals.

I never have to guess where Samsung Pay will or won't work.
I've gone to a restaurant called Patio's which uses some old ass NCR junk which doesn't work with either. I went to Cracker Barrel once and even though the terminal did recognize I was trying to pay, the computer controlling the terminal kept saying it wasn't reading the swipe properly and to keep swiping when I wasn't even swiping. After 3 attempts I swiped instead.

So far 8 out of 10 places I shop, Samsung Pay works like a charm. I love it. I live for the day all I need to carry is my drivers license and one major credit card as backup for just in case.

Apple chose the wrong tech this time, thinking that because they are so big; that every company will just fall to their mercy and just adopt what they throw out on the table. Apple got burned this time.

My partner has an Iphoen 6 now and he added his AMEX. he says he hates Apple Pay because most places he goes he cant even use it. he says the only place it works was Costco. lol. He doesnt really eat at McDonald's but he does go and I told him it works there too. he said he didnt know that. So I showed him the NFC symbol. Now he says he looks for it, but rarely see's it. I explained why and he was like well Apple chose the wrong thing.

posted on 02 Mar 2016, 15:30

35. TechieXP1969 (limited) (Posts: 10115; Member since: 25 Sep 2013)

Well seeing that MagStrip is 90% of the retailers in the USA and since they also support NFC, which add the 10% that only Apple can get, plus Europe which is 90% NFC; Samsung has a tri-fold advantage over Apple and Android Pay systems.

It's how the ifans say it best. Its now about who is first, its about who does it right.

Samsung got mobile payments right!

Now I sound like a Samsung promo...but a fact is a fact.

I love going to places and people say that doesn't work here or Apple Pay doesn't work here. I be like well first it isnt Apple Pay and I've used it here or it shoudl work here.

posted on 02 Mar 2016, 04:44

10. xondk (Posts: 1388; Member since: 25 Mar 2014)

Well....Samsung Pay can be used with near any terminal, Apple needs a very specific one, seems to make sense that the one that is most compatible would be the one most broadly adopted and used?

That said one of the reasons it might not be gaining that much ground, is that countries are seeing wireless payment arrive within their credit cards themselves, heck I have that, just hold my card over terminal for a second, boom payment done, if above certain amount enter pin.

Little reason to pull out your phone in that sort of situation.

posted on 02 Mar 2016, 04:49 9

11. MrMiyagi (Posts: 40; Member since: 27 Feb 2014)

Not surprised...Samsungs tech speaks for itself

posted on 02 Mar 2016, 04:57

14. S.R.K. (banned) (Posts: 678; Member since: 11 Feb 2016)

Apple brand speaks for itself.

posted on 02 Mar 2016, 15:31

36. TechieXP1969 (limited) (Posts: 10115; Member since: 25 Sep 2013)

Dude, which side are you on! I choose no side. Both brands speak for themselves.

posted on 02 Mar 2016, 17:18

47. meanestgenius (Posts: 11546; Member since: 28 May 2014)

Pure BS on your part. Everyone here knows you're an Apple hater and a Samsung fanboy. Quit it with the lies, dude. No one is buying it.

posted on 02 Mar 2016, 04:59

15. grbrao (Posts: 287; Member since: 23 Nov 2012)

if the android system is hacked will it be covered by samsung?

posted on 02 Mar 2016, 05:25 1

16. vijay.alapati (Posts: 138; Member since: 08 Jan 2015)

Is it because samsung offered free gifts like headphones, watches or wireless charging stations for free when you activate samsung pay in US...

posted on 02 Mar 2016, 07:36 2

23. TerryTerius (Posts: 1780; Member since: 10 Apr 2014)

Does it matter? A working strategy is a working strategy.

posted on 02 Mar 2016, 15:46

38. TechieXP1969 (limited) (Posts: 10115; Member since: 25 Sep 2013)

None of those things were true when I bought my S6 Edge 128GB.
I dont need to be given free s**t to buy a phone I want.

Guess what, I refused to buy the S7, because I dont want the SnapDragon model. The free VR offer makes no difference to me.

So you're stupid. Free stuff is nice, but ti doesn't matter to everyone.

After all. Why go into debt to pay for a phone, when I can just get the gear VR for $100 vs paying $700 for a phone I dont want to get it?

Dude you are a stupid troll.

posted on 02 Mar 2016, 05:27 1

17. yoosufmuneer (Posts: 1498; Member since: 14 Feb 2015)

Samsung Pay should support more banks and availability should be global. Currently its limited to only a handful of countries

posted on 02 Mar 2016, 06:00

18. ph00ny (Posts: 1234; Member since: 26 May 2011)

Banks supporting samsung pay not the other way around

posted on 02 Mar 2016, 15:49

39. TechieXP1969 (limited) (Posts: 10115; Member since: 25 Sep 2013)

Samsung doesn't need to have all banks liek neighborhood banks. All they need onboard is the banks that have the most customers.

In the USA, that woudl be Citi, Chase and Bank of America, which Samsung does have. Also US Bank.

For other banks, they due support American Express.
What I dont understand is very simple. The MST tech comes from MasterCard. I dont understand why tou cant add any Mastercard no matter what bank issued it.

There has to be a solution to where as long as your banks debit card supports Visa and MC, you card should be able to be added to any pay system no matter which bank you are with.

If Samsung does this, both Apple Pay and Android Pay are goign to be pushed to a combined 5% usage.

posted on 02 Mar 2016, 06:10 2

19. Shocky (unregistered)

Still no Samsung Pay here in the UK.

posted on 02 Mar 2016, 06:38

21. S.R.K. (banned) (Posts: 678; Member since: 11 Feb 2016)

That's true.
I'm in London Marylebone, Baker Street.

posted on 02 Mar 2016, 15:50

40. TechieXP1969 (limited) (Posts: 10115; Member since: 25 Sep 2013)

Because Samsung Pay isn't on the International versions of their phones. I am not sure why.

posted on 02 Mar 2016, 06:38 2

22. Trakker (Posts: 283; Member since: 11 Feb 2016)

Like I've always said that iPhone users generally just don't use anywhere near the already limited features of iPhone.

posted on 02 Mar 2016, 08:23 2

24. lyndon420 (Posts: 4370; Member since: 11 Jul 2012)

You've always said that? Over the course of just one month?

posted on 02 Mar 2016, 10:51 1

27. Trakker (Posts: 283; Member since: 11 Feb 2016)

Wow! Did you really just write that?

posted on 02 Mar 2016, 09:34

25. DnB925Art (Posts: 1010; Member since: 23 May 2013)

Samsung Pay is in only in 2 countries as of now: USA and SK and it already has 5 million and with a smaller list of supported banks than Apple Pay. Once it hits more countries and supports even more banks, it'll eventually surpass Apple Pay IMO.

Oh yeah, Wells Fargo was just added yesterday to Samsung Pay. Plus with the S7/Edge release which also supports Samsung Pay, even more people will be joining Samsung Pay soon as well.

posted on 02 Mar 2016, 10:52

28. Unordinary (Posts: 1692; Member since: 04 Nov 2015)

I hope so, because if not, that will be very pathetic lol. It's adoption rate has still been incredibly slow (this articles source was deemed incorrect a few hours ago).

posted on 02 Mar 2016, 16:13

41. TechieXP1969 (limited) (Posts: 10115; Member since: 25 Sep 2013)

Samsung needs to go for the juggler and kill Apple and Android Pay with a single blow and here is how and I have already sent a suggestion to Samsung more than once.

Your credit and debit card in the USA, works at nearly any ATM. How? because on yoru card, the card is design to carry the needed codes to support multiple payments systems.

Lets say you go to an ATM that doesn't bare a Visa or MC logo and yes there are some. How do you get cash? This is where the Star and Pulse logos come in. If you bankcard have these logos, then you can use an ATM that also have these logos if they don't accept Visa or MC.

These ATM's are typically at gas stations and small neighborhood stores.

Since the tokenization technology is directly from MasterCard, then all Samsung Pay needs is the same code that would allow any credit or bank debit card that bears this logo to be added to Samsung Pay.

Visa also has their own tokenization as does AMEX. As long as Samsung can add those, yet again any card bearing those logos could be added.

The only downside is the possibly someone could scam this system and make their own cards.

But this would be rare if at all, because when you add a card to Samsung Pay or any mobile pay, it send the request to your bank to confirm it was an actual issued card and it uses their system to charge $1.00 to the card which falls off after 5 days.

If Samsugn did this ASAP, Apple and Android Pay at least in the USA would die a near instant death with only acceptance ayt NFC terminals. Also if Samsung can find a way to make Samsung Pay work at the pump, its over.

Citibank already has a way to use mobile phones at their ATM, others like Chase and Bank of America and US Bank will follow.

We dont need to get all those small neighborhood banks involved. After all they pay to use mastercard and visa on their card, so why into make a way for mobile payments work with both the same no matter which bank?

The only reason Samsung has to go to the banks, is because your bankcard is not directly issued by Visa and Mastercard. All direct issued MC and Visa cards work with all 3 payment systems. But trying to support every single bank to me is dumb.

That is why Samsung chose the biggest USA banks and not those tiny ones. But we need those too, because they make up more than 50% of the total card usage in the USA.

Because debit card don't rely on credit. All you need is a checking account and you can get a bankcard. But most people in the USA can't get a credit card because they lack credit worthiness. So Apple was smart in including neighborhood banks. But if Apple has bought Loop Pay, Apple Pay would be killing it because of more bank support, all woudl be left is gettign the retailers onboard which is harder too do.

aonce Samsung gets neighborhood USA banks like Fifth Third, and more. Its over!

posted on 03 Mar 2016, 13:47

52. niteiknight (Posts: 38; Member since: 02 Aug 2012)

I wish that Google had acquired LoopPay instead of Samsung. Then maybe it wouldn't just be Samsung users who can do MST. If LoopPay had been incorporated into Android Pay, it could've benefited all (of the latest) Android users, not just Samsung ones.

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