Samsung Gunning for Apple in Race to Dominate Mobile Payments
- South Korean smartphone maker has signed up 5 million users
- Samsung Pay showing faster growth rate than Apple Pay: analyst
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In the race to persuade smartphone users to start shopping with mobile wallets, Apple Inc. and Google are facing a stiff challenge from a newer contender: Samsung Electronics Co.
South Korea’s largest company, which is banking on its Pay service to be a differentiator in a stalling smartphone market, has signed up 5 million users and processed more than $500 million in transactions since debuting in the U.S. in September. Based on estimates by mobile-payment researcher Crone Consulting LLC, Apple Pay has attracted 12 million monthly users globally since its October 2014 launch, while Google’s Android Pay has garnered 5 million people who use it monthly since becoming available September 2015.