Would you dump Apple Pay to use Samsung Pay — yes, no, maybe? Regardless, the rumor mill is alive with talk about the Galaxy S6, an improved fingerprint reader and Samsung Pay, which will challenge Apple Pay for a piece of the rapidly maturing mobile payments market.
EE Times claims that Samsung will introduce the Galaxy S6 and a new mobile payments services, dubbed Samsung Pay by some, at this year’s Mobile World Congress in Barcelona, Spain.
“Can Samsung create a payment service similar to Apple Pay and be successful? writes Pablo Valerio, International Business & IT Consultant. “I believe they can, but they need to be bold. Samsung is faced with a big challenge, but also an enormous opportunity.”
That is, of course, one way of looking at.
Currently, even though it’s on a minority mobile platform, Apple Pay is rapidly becoming the dominate mobile payment system — it’s catching fire with US consumers. Love or hate the company and its smartphones, but Apple Pay is setting the standard.
Samsung Pay: Better in Europe?
However, Samsung has proven in the past it can compete with Apple on speeds and feeds. Unfortunately for Samsung and whomever rises to the top next in the Android space, there is always Android handset maker ready to produce the same hardware and software features for less.
That said, Samsung Pay is expected to launch in Europe where Apple Pay isn’t yet available. Given Europe’s fragmented geography and markets, there is definitely an opportunity. However, Samsung Pay needs to be only easy to use and absolutely secure, Samsung has to sell it effectively — no mean feat!
The Galaxy S6 and Samsung Pay are an enormous opportunity for Samsung, but very well could be their last change — Apple is eating their lunch at the high end and XiaoMi et al devouring Samsung from below, as well.
Can Samsung Pay succeed where everyone but Apple has failed in the past…
What’s your take?