Should My Business Accept Samsung Pay?

Topic: Payment News (Wed 30th Oct 2019)
Should My Business Accept Samsung Pay?

What is a mobile Pay system?
A Mobile Pay system will allow your business to accept payments from customers who wish to use their mobile device, rather than a traditional plastic card. There is an ever-increasing number of Mobile Pay apps available to your customers. As a retailer, it can be a challenge to know what system/s you should consider first.

What is Samsung Pay?
Samsung Pay is a mobile payment service provided by Samsung Electronics. It works almost anywhere that you can use a contactless card. With select Samsung Galaxy devices, you can also pay within participating websites and apps, where you see Samsung Pay Checkout option. A limit of £30 may apply based on merchant policies.

User benefits For Samsung Pay.
Samsung Pay is a simple way to send payments from person to person, even when the receiver isn't on Samsung Pay. The direct transfer feature makes Samsung Pay a useful bill splitting tool. A Samsung Pay user can also pay utility bills like electrify, water, and insurance. Samsung Pay offers the appealing addition of gift card purchasing, in-app and Visa checkout features.
Accepting a digital wallet is faster and more efficient in contrast to accepting a traditional credit/debit card. The process is as simple as unlocking your phone and coming into contact with a contactless card reader. No need to open the app, its as simple as a click as a button. With other payment methods such as debit cards, you may still have to enter a pin or even do a signature which is often time consuming and unnecessary. Digital wallets are widely used and accepted.

What are the demographics of mobile payment methods?
18-34 year-olds are the biggest group of smart wallet users. This age group make up over 50% of the entire number of smartphone users worldwide. 18-34 age group are pro-tech and have few concerns about data and security. Their confidence is mainly attributable to their growing up with the internet, and its associated hardware. If your client demographic is made up of predominantly this age group, then you should look at a Mobile Payment System for your business, sooner rather than later.

Figures suggest that 44% of smartphone users in the 35-44 age group have also installed a smart wallet. It is worth considering Mobile Pay if you serve this age group.

As you might expect, it is the 55 to 64-year-olds which are more reticent about Mobile Pay; however, around 30% of this group is reported to have installed a Mobile Pay App, or smart wallet. The slow uptake is to do with "perceived security issues." The resistance is likely to be short-lived with world trends rapidly moving towards cardless payment. If your business is targeting the seniors, maybe you can take a bit longer over the decision to accept Mobile Pay.

Which Mobile Pay Systems should I accept?
The answer to this question is threefold. That is to say; there are three leading players in the game. Top of the tree is Apple Pay. If you intend to move into Mobile Pay, Apple has to be up there. Once you are on board, you may as well bet each way, and look at the second and third place runners too.

A surprising second according to the figures we found, is Samsung Pay. Samsung has a huge following worldwide, and their in-house Mobile Pay system has tempted around 37,000,000 users to sign up.

Google comes third with approximately 24,000,000 users having installed the app. These numbers are based on random surveys and cannot be 100 per cent accurate, and they may well change rapidly. Google is only one successful ad campaign away from moving up to 2nd place.

How do digital wallets benefit merchants?
For a retailer digital wallet are far more secure. Traditional credit, debit, and prepaid cards are prone to fraud. Apple Pay transactions require Face ID, Touch ID, or a passcode. As Apple Pay does not rely on a card number, the level of sensitive data your company holds reduces.

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