Samsung Pay still rules the mobile wallet roost in its home base of South Korea, but Apple Pay and Android Pay could invade the market soon, new reports suggest.
Apple Inc. executives met with bank executives in South Korea in the past few months as a prelude to launching Apple Pay in South Korea, according to a report in The Korea Herald. Google Inc. also is lining up relationships with card issuers to support Android Pay, which could go live in South Korea before Apple Pay, the newspaper said.
Near Field Communication-based wallets may struggle to find immediate traction in South Korea, which has a relatively low proportion of NFC-enabled merchant terminals. Despite this, Samsung Pay has experienced strong usage in South Korea, because its MST technology works with any terminal by simulating the signal of a swiped magstripe card.
Apple Pay currently reaches 13 countries, and Android Pay is close on its heels in most regions. Samsung Pay is live in 10 nations and Samsung continues to expand its partnerships with banks around the world, the company said in an interview last year.