Death Magnetic: Samsung Pay adoption faster than Apple Pay

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.

source: Bloomberg



1. Arschsalat

Posts: 158; Member since: Feb 29, 2016

Business is booming

13. S.R.K.

Posts: 678; Member since: Feb 11, 2016

Samsung pay is booming, and Apple pay stagnating.

48. AlikMalix unregistered

Does Samsung pay work with chipped cards?

2. jesus_sheep

Posts: 279; Member since: Apr 18, 2015

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

5. meanestgenius

Posts: 22273; Member since: May 28, 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.

6. RajRicardo

Posts: 500; Member since: Feb 28, 2014

They said the same about Nokia.

7. meanestgenius

Posts: 22273; Member since: May 28, 2014

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

20. Finalflash

Posts: 4063; Member since: Jul 23, 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.

26. meanestgenius

Posts: 22273; Member since: May 28, 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.

34. TechieXP1969

Posts: 14967; Member since: Sep 25, 2013

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

42. meanestgenius

Posts: 22273; Member since: May 28, 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.

45. meanestgenius

Posts: 22273; Member since: May 28, 2014

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

33. TechieXP1969

Posts: 14967; Member since: Sep 25, 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.

44. meanestgenius

Posts: 22273; Member since: May 28, 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?

46. meanestgenius

Posts: 22273; Member since: May 28, 2014

As of FY 2015. Doesn't make a difference if you sell more phones but make less money on said phones.

12. hemedans

Posts: 758; Member since: Jun 01, 2013

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

32. TechieXP1969

Posts: 14967; Member since: Sep 25, 2013

And Blackberry.

31. TechieXP1969

Posts: 14967; Member since: Sep 25, 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.

43. meanestgenius

Posts: 22273; Member since: May 28, 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.

50. roscuthiii

Posts: 2383; Member since: Jul 18, 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.

51. meanestgenius

Posts: 22273; Member since: May 28, 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.

53. roscuthiii

Posts: 2383; Member since: Jul 18, 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.

49. Fellwalker

Posts: 538; Member since: Apr 04, 2014

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

3. wando77

Posts: 1168; Member since: Aug 23, 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 :)

4. BobLawblaw unregistered

Great Metallica album..

8. shuaibhere

Posts: 1986; Member since: Jul 07, 2012

Samsung pay deserves it....

9. Mrinal

Posts: 36; Member since: Feb 28, 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.

29. Jimrod

Posts: 1605; Member since: Sep 22, 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.

30. Mrinal

Posts: 36; Member since: Feb 28, 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.

37. TechieXP1969

Posts: 14967; Member since: Sep 25, 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.

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