Tweet
Samsung Pay (Samsung Wallet) may enjoy a dominant market share in the company's home country of South Korea, but it faces a tough competition in one of the most lucrative markets, the United States.
A new report indicates that despite a 42% share in the South Korean market, Samsung Wallet continues to lag Apple Pay by quite some margin in the US with its meagre 3% market share.
Samsung Pay has room to grow in the US
According to the report, Samsung's payment platform dominates its local market with a 42% share. Other local competitors like Kakao Pay, Naver Pay, and Toss account for 34% of the market combined. Samsung Pay is the clear leader in its home country.
It also enjoys a significant market share elsewhere, sitting at 16% in South Korea, 9% in the United Arab Emirates, 6% in Brazil, 4% in Australia, Canada, France, and Spain, and 3% in the United States.
On the other hand, Apple Pay commands a dominant position in its local market, accounting for over 50% of the market. It's unsurprising as the US is one of Apple's strongest markets.
There's also significant competition in the mobile wallet space with several third-party options like Venmo, Google Pay, Cashapp all competing for a slice of the market in addition to the digital wallet services offered by banks.
So 3% is a decent point to be at for Samsung Pay but there's certainly room to grow at least into the double digits.
The post At 3%, Samsung Pay’s US market share is far behind Apple Pay appeared first on SamMobile.
More...
