Summer vacations are awesome, right? Returning from a break isn’t that much fun anymore. Before diving back into your emails and projects, let me get you an idea of how things were while you were gone.
After years of shaking out who is who, Google Pay and Samsung Pay are pretty much the only Android players left in the mobile wallet transaction market in the United States — both supporting a pretty big variety of mobile phone brands. The bad news, though, is that they are both getting slaughtered by Apple Pay. A study by Pulse, an electronic funds transfer company, has been published, stated that payments using Apple Pay account for the staggering 92% of all mobile wallet payments in the United States for last year. Samsung Pay managed to get a 5% share, while Google Pay got only 3%.
Apple Pay was first launched in the United States back in 2014 and has since expanded to Europe and around the globe. It is a contactless payment app that allows people to add their debit or credit card to the Wallet app on their iPhone and then use the device to pay in a secure way. When you make a payment, it uses a device-specific number and a unique transaction code, so a card number is never stored on the device or on Apple’s servers. Understandably, it is also never shared with merchants.
I am not really surprised by those numbers. I have been using Apple Pay for a few years and it has been working every time. Not giving any reason to me for using any other payment method. Very rarely, I have needed my physical card or cash. And while mobile wallet use continues growing worldwide, one would hope for Google Pay and Samsung Pay it looks a little better outside of the United States, right?
The combined market share of Apple Pay, Google Pay, and Samsung Pay seems to be about 60% of global mobile payment users. Although Czechs and other Europeans still do not want to give up the cash, the vast majority of payments are contactless. Payments by physical cards are the most common. However year after year, the number of people who pay for their expenses by mobile phones is growing. Mobile wallets are also witnessing a hike in use in Europe that has one of the most advanced digital banking infrastructures in the world. The European Union even intends to provide every citizen with a digital wallet for access to a range of private and public services including payments, passwords, and IDs.
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