Samsung Pay, Samsung's answer to the Apple Pay mobile payment system, will be initiating its worldwide rollout at the onset of the final quarter of 2015. Indeed, the South Korean mobile giant is planning to launch its own mobile payment system in its home country and in the United States on September of this year.
Rhee Injong, executive vice president of the company, had revealed as much during an investor forum recently held this week. As reported by Reuters, Injong has also stated that Samsung Pay will be deployed to additional markets, especially Europe and China, after its South Korea and US launch.
Much like Apple Pay, Samsung Pay relies on near field communications (NFC) technology in facilitating contactless modes of payment for purchased items. Mobile users need only wave their Samsung Pay enabled devices in front of compatible cash registers in order to pay for items they bought.
The South Korean phone maker had first introduced its own mobile payment system during the Mobile World Congress held last March in Barcelona, Spain, alongside its two newest flagship devices -- the Galaxy S6 and the curvy Galaxy S6 Edge -- which are also the first smartphones to be enabled with Samsung Pay. During its unveiling, Samsung Pay was said to have a summer launch, but it is now apparent that Samsung is moving the date to the later part of the year.
Upon its launch, Samsung Pay will definitely be dealing with fierce competition. Apple Pay has already gained considerable traction since it was launched in October of last year. It also helped that Apple perfectly timed the release of its mobile payment system with the introduction of its two newest iPhone models that featured the Apple Pay system -- the iPhone 6 and the iPhone 6 Plus -- which went on to become two of the best selling smartphones ever. Plus, the launch of Apple's first ever foray into wearables territory, the Apple Watch (also enabled with Apple Pay), which had a good reception among consumers, also made more people aware of the tech giant's mobile payment system.
And let us not forget Android Pay, which Google has just recently unveiled a few days ago. Due to Google's influence, Android Pay has already attracted quite a number of initial partners consisting of credit card companies, retail stores, and other third party entities. Like Samsung Pay, Android Pay will also be launching late this year.
There is big potential in mobile payments. Last year alone in the US, there were $3.5 billion worth of payments completed through smartphones. Industry watchers are predicting that this number will breach the $100 billion mark by 2018.
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