Samsung Pay, Apple Pay Both Show Strong Growth
Samsung Pay and Apple Pay both saw hefty expansions over the last week. Last Wednesday, Samsung Electronics announced that its mobile wallet will now accept Wells Fargo credit and debit cards. This expansion means Samsung Pay now supports payment cards from 70 financial institutions in the United States, which represents 70% of the debit and credit card market.
By comparison, Apple Pay’s list of accepted banks is now over 1,000, covering a much larger portion of the market. Apple announced Friday they were adding 27 new card issuers to their mobile wallet, including First Southern Bank, TCM Bank and Sage Capital Bank.
Since Apple already covers the major financial institutions in America, the company is focusing its efforts on collecting more merchant partners for its mobile wallet. By the end of the year, Apple Pay should be available in Chili’s, Cinnabon, Crate & Barrel, KFC, JCPenney and American Apparel.
Samsung may lack the widespread card support of Apple Pay, but it still holds the title of “the most widely accepted payment system.” That is because Samsung’s mobile wallet is compatible with most credit card terminals on the market, including EMV chip readers and magnetic strip readers. Both mobile wallets are making strong strides in America and around the world as they continue to compete with one another.