Samsung Pay is an early driver of mobile payments industry for many reasons. It stands apart from the variety of mobile payment apps, products and services because it’s compatible with every payment option in the United States. This means that it can be used at both magnetic stripe-based and NFC-enabled POS terminals, making it easier for customers to use Samsung Pay on a daily basis anywhere mobile payments are accepted. In fact, Samsung is partnering with Verifone, Ingenico, and First Data to ensure universal acceptance of Samsung Pay at a variety of retailers.
Thanks to a wildly competitive mobile ecosystem, Samsung Pay and its rivals – Apple Pay, Google Wallet, and CurrentC – are working to increase accessibility of their services, which will skyrocket the use of mobile payments. Here are some future projections of the mobile payment industry:
- Mobile payment volume will reach $37 billion this year.
- By the end of 2019, payment volume will reach $808 billion.
- The number of people who make a mobile payment at least once a year will grow from 8% in 2014 to 65% by 2019.
- 90% of smartphones in the US will have mobile wallets preinstalled.
It is clear that mobile payments are here to stay and on track to becoming one of the largest industries in the world. To learn more about paying with your smartphone, click here.