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Samsung Pay delayed until September
June 29, 2025
Mobile paymentsare the latest trend to be fiercely contested by mobile OEMs with the likes ofAppleandGoogleoffering their own mobile payment systems. Samsung introduced itsSamsung Pay mobile payments servicealongside theGalaxy S6atMobile World Congress in Februarybut has been forced to delay the launch until September.
Samsung Pay was meant to launch next month butBloombergreports that the Korean manufacturer has had to push the launch back its initial launch plans. In a call to investors today, Samsung Executive Vice President, Rhee In Jong, said the service will launch with the company’s next high-end mobile device, which is expected to be theGalaxy Note 5. While it is initially launching Samsung Pay in theUSandKorea, the company has confirmed that it will start rolling out in other markets – including Europe,China,Australiaand South America – later this year.
A look at mobile payment’s big three: Android vs Google vs Samsung
To build its payment solution, Samsung boughtLoopPay incto help develop the technology and built Samsung Pay in conjunction partnership withMasterCardandVisaon the new service. One feature that aims to set it apart from other payment solutions is that it does not require a in-shop contactless payment solution to work and instead, is compatible with 90% of magnetic strip card readers.
Claire Kim, an analyst at Seoul-based Daishin Securities Co, said:
Apple launchedApple Payalongside theiPhone 6andiPhone 6 Plusin September last year and since then, it has steadily increased its share of the mobile payments market. Apple Pay is limited to the iPhone 6 and iPhone 6 Plus – along with the company’s first wearable, theApple Watch– but despite this limitation, the service is close to owning 10% of the market.
Apple Pay won’t be the only challenger to Samsung Pay as last week, Google announcedAndroid Payduring itsI/O 2015 keynote. The new payment system will launch later this year alongside its newAndroid M platformand turns any smartphone application into a wallet that can be used in both physical and online shops. Android Pay will be compatible with around 700,000 stores in the US, allowing it to pose a very real challenge toSamsung‘s aims for Samsung Pay.
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Samsung hopes that 15 to 20 percent of its smartphone customers will use the service and as the largest smartphone manufacturer, these targets should help reverse the company’s financial decline. Whether the delay will prove costly remains to be seen but its compatibility with existing infrastructure should certainly be a positive for the Korean manufacturer.
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