Samsung Pay is the latest technology from the mobile giant allowing you to pay for goods by placing your Samsung pay enabled smartphone next to any point of sale terminal.
Samsung Pay technology was already launched in South Korea in August. The service is beating internal expectations by averaging 25,000 new users and more than $620,000 in transactions per day according to Samsung. This bid by Samsung is to ensure their piece of the mobile payment market, estimated to be worth $1 trillion in 2017.
Samsung hopes to stem market share losses with this feature to rivals such as Apple Inc, Huawei Technologies Co and Xiaomi Inc. According to Gartner, Samsung’s global smartphone market share fell to 21.9 percent in April-June from 26.2 percent a year earlier.
In an interview, Samsung Executive Vice President Rhee In-Jong said: “The way to protect pricing power, even for low-end or mid-range phones, is to offer a service that users can’t get elsewhere,” This is referring to mid to low tier devices being shipped with the Samsung pay feature. Samsung is hoping their consumers will fork out a bit more for the universal convenience.
There is however concern about the competitiveness of the feature as Apple is already offering payments and Google’s Android short on their heels with Android Pay. Some think Samsung is a bit late to the party. Samsung pay has a unique benefit though, allowing swipes with a device on or near a magnetic stripe card reader, which is already in wide spread use.
According to Samsung the service is set to expand to China, Europa and Latin America.
From a consumer stand point the convenience is unrivalled. No more panic attacks when getting to the front of the line and realizing your wallet is still at home. If you’re a technology junky like all of us here at InfoRocked you will be very excited at the prospect of technologies such as these coming to market.