Samsung Pay Service is growing much faster than Apple Pay; Says Bloomberg

Samsung Pay

Bloomberg said in a report that Samsung Pay monthly users have been grown in a faster pace than the Apple Pay.

The analysts on Bloomberg reported that the South Korean Smartphone maker succeeded to achieve 5 million mark of monthly users signup and made more than $500 million transactions in its first six months of launch. Samsung had launched its mobile payment service in September 2015. While Google’s Android pay also reached to 5 million users after its launch in September 2015.

Apply pay has signed up 12 million users who use it monthly. It has currently edged on Samsung Pay and Google Android Pay monthly users as it was started a year before Samsung and Android pay launch. However, Samsung pay and Android pay succeeded to grow more quickly than Apply pay.

Samsung Pay

Bloomberg also said they do not know about the Android Pay’s current growth rate so they can’t confirm whether Android Pay has also edged on Apple current monthly users growth or not. While, Apple said last month that usage growth rate in last six months of 2015 has increased 10 times over its first six months.

As said in the report, plus point in Samsung Pay over the Apple and Google pay service is its LoopPay technology. A technology, which helps Samsung payment process to stimulate the magnetic stripe on a credit card. Apply pay and Android pay can only use NFC Terminals.

Samsung had acquired the LoopPay technology in February 2015. LoopPay was a Boston-based Company, which made mobile payments products that are competitors to Apple Pay. LoopPay’s Magnetic Secure Transmission technology helped Samsung pay to be accepted anywhere with steady card swipe without the use of NFC Terminal and increased the number of its merchants.

Samsung has integrated its payment service in its five Galaxy smartphones while Apple made available its mobile payment on iPhone 6 and iPhone 6S. However, there are low numbers of supported handset users involved in mobile payment services.

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