Competitor Profile: Samsung Pay

Competitor Profile: Samsung Pay

  • February 2020 •
  • 23 pages •
  • Report ID: 5771143 •
  • Format: PDF
Competitor Profile: Samsung Pay

Summary
Samsung Pay is a mobile payment solution launched by Samsung in August 2015.At present, the solution is available in 23 markets outside South Korea.

Samsung Pay is available for a range of Samsung products, including its Galaxy devices and Gear wearable technology.

It is the first mobile payment offering that supports NFC, magnetic secure transmission (MST), 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 2,200 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, it supports online and in-app payments, as well as cash withdrawals at ATMs.To expand its online payment services, Samsung Pay partnered with Visa, allowing users to pay at hundreds of online merchants that accept payments through Visa Checkout.

In addition, it introduced the Samsung Pay Mini online payment solution in South Korea in February 2017.

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.

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
- Information on its performance, including its revenue model
- The company’s important events and milestones

Scope
- In August 2015, Samsung Pay was launched in South Korea.
- In April 2016, Samsung Pay introduced a new service allowing users to withdraw cash from ATMs without a physical card.
- In August 2018, Samsung Pay was launched in South Africa.
- In October 2019, Samsung Pay launched Samsung Pay Cash, a virtual Mastercard prepaid cash card within Samsung Pay enabling users to add money and make payments from the Samsung Pay app in the US.

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.
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