Alternative Payment Solution: Samsung Pay
Region: Global Sku Number: VR1173MR
Alternative Payment Solution: Samsung Pay Summary Samsung Pay is a mobile payment solution with global aspirations, launched by Samsung in August 2015. At present the solution is available in 17 markets outside South Korea: the US, China, Spain, Singapore, Australia, Puerto Rico, Brazil, Russia, Canada, Thailand, Malaysia, India, Sweden, the UAE, Hong Kong, Switzerland, and the UK. Samsung Pay is available for the following Samsung products: Galaxy series S8, S8+, S7, S7 Edge, S7 Active, S6, S6 Edge, S6 Edge+, S6 Active, Note5, and watches Gear S2 sport, S2 Classic, S3 Frontier, and S3 Classic. The solution supports all major card schemes, including American Express, Visa, Mastercard, and China UnionPay. It is supported by more than 900 international and regional banks and credit unions in the US, including major banks such as Bank of America, Wells Fargo, Citibank, Capital One, PNC, and TD Bank. Users can store details of multiple debit, credit, and store cards on Samsung Pay, which can be used to make payments at merchant outlets. Samsung Pay is the first mobile payment solution that supports NFC, magnetic secure transmission, and barcode scanning in a single solution. In addition to in-store payments, it also supports in-app payments and cash withdrawals at ATMs. To expand its online payment services Samsung Pay partnered with Visa and Mastercard, allowing users to make payments at hundreds of online merchants that accept payments through Visa Checkout and Masterpass. In addition, in February 2017 it introduced the Samsung Pay Mini online payment solution in South Korea. Samsung Pay Mini is supported by all Android phones with 5.0 Lollipop or later and a display resolution of 1280x720 or higher, and is not limited to Galaxy smartphones. The report provides information and insights into alternative payment solution Samsung Pay, including - - Detailed insight into its business and geographical presence - Comprehensive coverage of its products and services - Comparative assessment with key alternative payment solutions - Information on its performance, including its revenue model - The company's important events and milestones. Scope - Since it was launched in South Korea in July 2015 Samsung Pay has expanded into 17 other markets: the US, China, Spain, Singapore, Australia, Puerto Rico, Brazil, Russia, Canada, Thailand, Malaysia, India, Sweden, the UAE, Hong Kong, Switzerland, and the UK. - In February 2017, Samsung Pay introduced the Samsung Pay Mini online payment solution in South Korea. - In 2016, estimated transaction value worth $5bn was run through Samsung Pay. - In July 2016, Samsung Pay extended support to watches for the first time by releasing a beta version on Samsung Gear S2 in the US. Reasons to buy - Gain insights into Samsung Pay's business operations, geographical presence and key events. - Gain insights into its product portfolio and revenue model. - Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
Table of Contents Overview Geographical Presence Historic Milestones Benchmarking Revenue Model Partner Banks and Financial Institutions Partner Banks and Financial Institutions in South Korea Supporting merchants Products and Services Significant Events Appendix