Samsung Pay is growing faster than Apple Pay

by: Kris CarlonMarch 2, 2016
1.5K

Samsung Pay press

Although Apple Pay currently has more monthly users than Samsung Pay and Android Pay combined, an analyst cited in a recent report by Bloomberg claims that Samsung Pay is growing faster than Apple Pay. But it’s not just Samsung Pay that’s growing quickly. Both Samsung Pay and Android Pay have the same number of monthly active users – five million each – and both came out at the same time.

Samsung Gear VR CES 2016-AASee also: Where the consumer technology world is headed in 20162

The reason Apple Pay has the bigger subscriber base is because Apple Pay has a year-long head start on its Android and Samsung equivalents, launching in October 2014. Both Samsung Pay and Android Pay arrived in September 2015.

Apple Pay vs competition Bloomberg

But Apple Pay still only has 12 million monthly active users compared to the five million subscribers each for Samsung Pay and Android Pay. We can’t say if Android Pay’s current growth curve is faster than Apple Pay’s as we haven’t seen recent adoption rate figures, but it seems likely.

We can't say if Android Pay's current growth curve is faster than Apple Pay's, but it seems likely.

Samsung Pay’s rapid growth is perhaps not too surprising, considering it works with both newer NFC payment terminals as well as the older magnetic stripe terminals (called MST). Both Apple Pay and Android Pay only work on NFC-equipped payment terminals. Having said that, the fact that Android Pay has the same number of users as Samsung Pay is an noteworthy achievement.

Android Pay AA

Of course, device penetration is a contributing factor for Apple Pay’s growth, with the U.S. being Apple’s typical stronghold. But Samsung is tackling touchless payments in North America head-on, having just signed up Wells Fargo to the service today, making Samsung Pay compatible with 70 banks and credit unions covering 70% of the U.S. credit and debit card market. Canada has also been added to the North American roadmap.

Samsung Pay will also launch in China this month, with Australia, Brazil, Spain, Singapore and the United Kingdom scheduled for later this year. Samsung Pay may only be available on the new Galaxy S7 and S7 Edge and last year’s Galaxy S6, S6 Edge, S6 Edge+, Galaxy Note 5, Galaxy A7 and A5, but as more new device come out supporting Samsung Pay, you can expect the number of subscribers to soar.

SAMSUNG PAY DEVICES:

The same can be said of Apple Pay and Android Pay generally too. As more and more devices and institutions support touchless payments and the concept becomes more natural, usage rates will explode, not only in terms of monthly users but also the frequency with which touchless payments are made. If you’ve never paid for anything with your phone before, 2016 might just be the year you do.

Have you used any of these services yet? Let us know your thoughts on them below.

  • JSo

    I used to use Google Wallet all the time. Then they went and blocked it on rooted devices with Android Pay. I went full stock for a while just so I could use it but eventually just dropped it because I like root and Xposed a lot more.

    • Bradley Uffner

      Exact same situation for me.

  • Android Pay would have more if Chase Bank got their heads out of their asses and joined already.

    • yankeesusa

      Yea, supposedly chase is working on their own payment system. Although i think chase works on samsung pay.

  • Diego

    And android pay.

  • i_say_uuhhh

    I use Android Pay with My 6P wherever I see an NFC terminal which surprisingly a lot of small businesses have, but not many of them know why/how they are used.

  • Jason DonkeyKong Budzi

    When will Wells Fargo be supported by Samsung Pay??????

    • elmodern

      It is now

  • Mike Bastable

    Slightly speculative article really

  • saksham

    “Samsung Pay may ‘ONLY’ be available on the new Galaxy S7 and S7 Edge and last year’s Galaxy S6, S6 Edge, S6 Edge+, Galaxy Note 5, Galaxy A7 and A5, ”

    LEL

  • saksham

    i want sammy pay to come to india srsly india is one of the largest markets for samsung

  • Matt

    Apple Pay has the advantage of being available in the UK. Android Pay & Samsung Pay are yet to be available. Contactless payments are an everyday thing, with NFC payment terminals all over the place, and it’s on the rise. 70 million contactless cards are in circulation in the UK, and 1 in 3 card purchases in London in 2014 were by the contactless method. Their [Android Pay & Samsung Pay] release in the UK will be sure to add more users to their payments system.

  • droi_d

    Stopped working for me at Walmart and never worked at Lowe’s, probably because they do not know how to select credit on their terminals. Oh well back to the old plastic.

  • mdbrotha03

    I really hate people don’t give Google Wallet its due. I’ve been using NFC to pay for stuff since 2012. Apple wasn’t a year early to the NFC party, more like three years late I walked to a restaurant and used my Samsung device to pay for some food. I explained what it was and the next thing she said was “Its like Apple Pay”

    • Wontime

      It says your payment from ’12 is still pending?

      • mdbrotha03

        I have no idea why

    • IVIuffin IVIan

      Well, Apple is good at popularizing things. Most never even heard of NFC payments until Apple Pay.

  • Samsung Pay’s compatibility with MST makes it a much more universal payment system. I use it whenever I can, although I have to just tell them it’s a credit purchase before launching it, otherwise the cashier fights with me because they don’t have NFC and they assume it won’t work. I’ve left a lot of cashiers shaking their heads after making the purchase.