Samsung Pay Enters European Market with Debut in Spain
Samsung Pay has made its way into the European market with its debut in Spain. Samsung’s mobile wallet has already been introduced in the United States, South Korea and China. It is now the first mobile wallet to reach the European mainland, with Apple Pay and Android Pay still only available in the United Kingdom.
Apple Pay is rumored to be arriving in Spain sometime this year, along with a launch in Singapore and Hong Kong. A study from Visa last year showed that Spain has the most contactless payment terminals in Europe, although the U.K. has the highest number of contactless cards. By getting ahead of its competitors in Spain, Samsung Pay may create a stronghold over the market.
According to research data from Samsung, 64% of consumers in Spain use debit and credit cards for nearly all their payments. That is one of the main reasons why the company chose Spain for its European debut.
Samsung Pay is available on Galaxy S6 and S7 devices in Spain. It will also be available on the new Galaxy A5 coming out in the near future. The mobile wallet works with CaixaBank and imaginBank, and will have partnerships with Abanca and Banco Sabadell soon.