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Alternative Payment Solution: Samsung Pay

Alternative Payment Solution: Samsung Pay

Synopsis

Samsung Pay is a mobile payment solution with global aspirations, launched by Samsung Electronics (Samsung) in August 2015. At present the solution is available in seven markets outside South Korea: the US, China, Spain, Singapore, Australia, Puerto Rico and Brazil with plans to launch in the UK, Malaysia, Canada, Russia and Hong Kong by the end of 2016.

Samsung Pay is available on the following Samsung products: Galaxy S6, Galaxy S6 active, Galaxy S6 edge, Galaxy S7, Galaxy S7 active, Galaxy S7 edge, Galaxy Note5 and Galaxy S6 edge+. The solution is supported by all major card schemes, including American Express, Visa, MasterCard and China UnionPay, as well as 440 international and regional banks and credit unions.

Samsung Pay is the first mobile payment solution that supports near field communication (NFC), magnetic secure transmission (MST) and barcode-scanning in a single solution.

In addition to in-store payments, it also supports in-app payments, cash withdrawals at ATMs and also allows integrating transport cards into the digital wallet.

Summary

The report provides information and insights into alternative payment solution Samsung Pay, including:

  • Detailed insight into its business and geographical presence
  • Comprehensive coverage of its products and services
  • Comparative assessment with key alternative payment competitors
  • Information on its performance, including its revenue model
  • The company's important events and milestones
Scope
  • This report provides a comprehensive overview of alternative payment solution Samsung Pay, including its operations, history and geographical presence.
  • It provides an overview of products and services offered, and explanations on how they work.
  • It provides details of financial performance, including revenue models.
Reasons To Buy
  • Gain insights into Samsung Pay's business operations, geographical presence 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.
Key Highlights
  • Samsung Pay was launched in South Korea on August 2015, and expanded its services to the US and China in September 2015 and March 2016, respectively. It expanded to Spain, Singapore and Australia in June 2016. In July 2016 it was introduced in two new markets: Puerto Rico and Brazil.
  • Samsung Pay supports all major payment networks, including American Express, Visa, MasterCard, China UnionPay, and around 440 international and regional banks and credit unions.
  • Samsung collaborated with a number of international POS vendors, including Verifone, Ingenico, First Data and Clover, PAX Technology, Equinox, ID Tech, MagTek, USA ePay and OTI Global to drive the adoption of Samsung Pay at merchants worldwide.


Overview
Geographical Presence
History Milestones
Key Acquisitions
Competitor Analysis
Performance Highlights
Revenue Models
Products and Services
Significant Events

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