Little-noticed during India’s cash-crunch late last year — triggered by the government’s demonetization of about 80% of its currency — was Samsung Pay quietly testing the waters in India with an eye to opening up vital new digital payment options in a nation that relies heavily on cash for everyday transactions.
Consumer adoption numbers indicate most mobile wallets are stuck in the mud, but key wallet providers have made enough advances in other critical areas to suggest there is still potential in this market, Celent researchers say.
Nana Murugesan, Samsung vice president and general manager, spoke to PaymentsSource about Samsung's strategy for making its mobile wallet stand out in the increasingly competitive digital payments market.
Nearly two-thirds of U.S. cardholders are familiar with at least one form of mobile payment, marking an awareness trend that continues to rise and could ultimately translate to higher adoption and usage rates.
Most consumers aren't rushing to throw out their plastic cards in favor of mobile wallets, so the banks and tech companies behind payment apps have to get creative. Here are some of the most noteworthy promotions.
Samsung Pay users had the advantage over Apple Pay and Android Pay when it launched last year with a technology enabling mobile payments through virtually any merchant terminal—contactless or not—but that advantage quickly diminished.