Samsung wants its payment system to drive hardware sales
Samsung and Apple both are heavily competing in mobile payment system with Samsung Pay and Apple Pay. But, both the tech giant carries a different vision for their payment service. While Apple wants its Apple Pay to become a revenue generator, Samsung seems to have separate plans for Samsung Pay.
As for Apple, they take 0.15 percent of commission from merchants on every transaction gone through its payment system. While, Samsung asks for no such payment from its partners. Samsung doesn’t want its payment system to be a cash generator, at least not yet.
The company considers Samsung Pay as an important part of its ecosystem. The Korean giant sees the payment system as an opportunity to drive more hardware sales. According to Samsung, consumers are already loving its easy to use, widely acceptable payment system and that alone should be the prime reason to buy another smartphone from them. “We are a hardware company, and at the end of the day I think what we’re trying to do is get people who hold (one of) our phones and use it…to just love it more,” Elle Kim, Global Vice President of Samsung Pay, told Reuters.
Samsung is currently rolling out its payment service to more market across the globe. Samsung Pay already did more than $1 billion worth of transaction in its home turf South Korea. It is also available in US and China, which further expanded to Australia, Spain and Singapore in last two months. The company aims to launch Samsung Pay in Brazil, United Kingdom and Canada later this year. Samsung is also planning to offer the payment service on its VR headset.
So, do you actively use Samsung Pay? How’s your experience so far? Are you convinced enough to buy another smartphone from Samsung? Sound off in comments.