![]() Apple also worked with numerous banks such as JPMorgan. Apple had the support of American Express, Mastercard, and Visa, with each corporation working to help the tech company perfect mobile payments. While Apple Pay didn’t debut until the end of 2014, the tech giant had been hard at work on it since at least January 2013 or earlier. With that, let’s take a look at the history of the other key player, Apple Pay. This is one of several areas where Apple Pay has an advantage. However, speaking of PayPal, Samsung Pay has not yet debuted a peer-to-peer payment service. This is thanks to Visa Checkout, which is a PayPal-esque service that works with nearly 350,000 different online sites. While support for Samsung Pay is not built into any computer OSes at this time, it can still be used for online shopping. However, with so many new terminals requiring a chip to be inserted for card payments, there’s definitely some doubt about that figure. LoopPay-later Samsung Pay-developers claim that MST payments can work at more than 90% of all card terminals. By moving the Samsung Pay-enabled phone or smart watch past the card terminal, MST payments are able to put out the same kind of magnetic waveform a physical card would. MST payments replicate the action of swiping a physical card with a magnet strip. While Apple Pay had been out for nearly a year at that point, Samsung Pay still managed to stand out for its support of both NFC and MST payments. Samsung quickly reworked the software over the next six months or so and, come August 2015, debuted it under the name Samsung Pay. LoopPay was actually a completely separate company that Samsung acquired for around 300 million dollars in early 2015. Interestingly enough, Samsung Pay was originally developed under a different name: LoopPay. Near-field communications (NFC) and magnetic secure transmission (MST)Ĩ-16 (depending on how many Apple devices you are using)Īpple Pay accounts for at least 45% of all mobile payment services. This gives Samsung an advantage, as MST can work even if the payment terminal doesn’t support NFCs. Samsung Pay, on the other hand, relies on both NFC and magnetic secure transmission (MST). Apple Pay relies solely on near-field communication (NFC) for its contactless payments, which they claim is accepted by over 85% of retailers. In other words, how many stores even accept these mobile payment platforms to begin with? It depends on which platform you’re using. What’s more, Samsung Pay has not been enabled on any computer operating systems yet, while Apple Pay comes built into all the latest versions of macOS.īeyond these main differences in compatibility, there’s also the issue of availability. Samsung Pay is also compatible with Android-equipped smartwatches, while Apple Pay is compatible with Apple Watches. Samsung Pay is limited to Samsung devices while Apple Pay is restricted to Apple devices. Samsung Pay and Apple Pay also let users add a seemingly unlimited number of gift cards and rewards cards in addition to their credit and debit cards. Users can store all of their credit and debit cards in a safe, secure wallet app. They both allow users to make mobile payments either in person, through apps, or online. Apple Pay: Full Comparisonįirst and foremost, Samsung Pay and Apple Pay have a few key things in common. Let’s break it all down below so you can decide which payment platform is best for your needs. But, what are the differences between Samsung Pay and Apple Pay? Presently, Samsung Pay and Apple Pay are two of the most popular mobile payment platforms around. Now, you can conveniently store them all right inside your phone. Thanks to contactless payments, there’s no longer a need for you to carry around a big wallet full of all your cards. Mobile payment platforms can really come in handy. Apple Pay adds another layer of security to its purchases by authenticating them with Touch ID or Face ID.Less than 2% of all in-store purchases are made with mobile payment services.Apple Pay is the preferred mobile payment service, accounting for more than 45% of all purchases made with a digital wallet.Samsung Pay was recently moved inside Samsung Wallet, which adds support for digital keys and cryptocurrency.Instead, they receive a virtual account number and password that they then use to authorize your payment. This process keeps merchants from ever knowing your real card number. Both Samsung Pay and Apple Pay rely on tokenization to perform their contactless payments.© Rido / 5 Must-Know Facts About Mobile Payment Services
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