Samsung Pay - Competitor Profile

Samsung Pay - Competitor Profile

Summary

Samsung Pay is a mobile payment solution launched by Samsung in August 2015. Samsung Pay is available for a range of Samsung products, including its Galaxy devices and Gear wearable technology.

It was the first mobile payment offering to support NFC, magnetic secure transmission, and barcode scanning in a single solution. It works with all major card schemes, including American Express, Visa, Mastercard, and Discover. It is supported by more than 2,800 international and regional banks and credit unions in the US, including Bank of America, Wells Fargo, Citibank, Capital One, PNC, and TD Bank. Users can store details of multiple debit, credit, and prepaid cards within Samsung Pay. In addition to in-store payments, the solution supports online and in-app payments, as well as cash withdrawals at ATMs.

In December 2017, Samsung introduced a fund transfer service in South Korea that enables customers of Woori Bank, IBK Industrial Bank, Shinhan Bank, and Hana Bank to transfer funds from one account to another using Samsung Pay. In May 2020, Samsung introduced the Samsung Money card in the US, in collaboration with Mastercard and US-based financial services provider SoFi. In August 2020, Samsung introduced the Samsung Pay+ card in the UK, in partnership with Mastercard and digital banking platform Curve. Similarly, it launched the Samsung Pay Card, a credit card in the South Korean market, in partnership with Samsung Card and Mastercard.

Samsung Pay continues to focus on expanding its merchant acceptance network. In December 2021, it partnered with Viva Wallet, a payment services provider, to enable Viva Wallet partners merchants to accept in-store and online payments via Samsung Pay.

The report provides information and insights into Samsung Pay including -

  • Detailed insight into its business
  • Comprehensive coverage of its products and services
  • Comparative assessment with key alternative payment solutions
  • The company's important events and milestones
Scope
  • In 2015, Samsung Pay was launched in South Korea.
  • In January 2019, Samsung Pay launched overseas remittance service in South Korea in partnership with money transfer companies Sentbe and Hanpass, enabling users to transfer funds to 17 countries.
  • In May 2019, Samsung Pay launched the Samsung Pay Touch app for small businesses in Canada. The app transforms compatible Galaxy smartphones into POS terminals, enabling merchants to accept contactless payments.
  • In October 2021, Samsung Pay integrated scan QR feature with camera and quick panel, allowing Samsung Pay users in India to scan QR codes by using the mobile camera or by choosing the scan QR option on the quick panel on their Samsung Pay device, without the need to open the app.
Reasons to Buy
  • Gain insights into Samsung Pay's business operations and key events.
  • Gain insights into its product portfolio and revenue model.
  • Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.


Overview
Benchmarking
Products and Services
Significant Events
Partner Banks and Financial Institutions Globally
Partner Banks and Financial Institutions in South Korea
Supporting Merchants
Appendix

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