January 11, 2016
The use of contactless payments is expected to reach 200 million by the end of 2016. A new study by Juniper Research reveals that historically, the growth of mobile wallet usage emerged due to the rise of P2P (person-to-person) services for the unbanked in developing markets.
In this article, we have a look at the geographical expansion of the top three mobile wallets with the help of an infographic.
Apple introduced Apple Pay in the US on October 20, 2014. After almost a year, Apple pay is one of the successful in-store payments systems in the world today. Initially, there was a jitter among users and banks regarding contactless payments and security, but today, no one can shy away from the fact that Apple has done an exceptional job and has made contactless payments mainstream in the US.
Apple Pay works with many of the major credit and debit cards, including store-issued cards, from the top UK and US banks and stores. In Canada and Australia, Apple Pay works with credit and charge cards issued by American Express. Just add your supported cards and continue to get all the rewards, benefits and security of your cards.
Apple Pay in the US:
Apple Pay has 913 participating issuers nationwide; several more plan to support the NFC-based mobile payment service in the future.
Apple Pay is accepted in grocery stores, boutiques, restaurants, hotels and many other places. Apple Pay can also be used to pay in some of the most popular apps in the App Store.
In March 2015, Apple Pay announced that Apple Pay was accepted at 700,000 locations.
Apple Pay in the UK:
After crossing borders on Tuesday, July 14, 2015, Apply Pay went live in the UK.
In the UK, Apple Pay’s participating banks consist of American Express, NatWest, Nationwide, MBNA, Royal Bank of Scotland and Santander, First Direct, Halifax, HSBC, Lloyds, M&S Bank, Ulster Bank and Bank of Scotland.
Since July 2015, 250,000 locations in the UK have started accepting Apple Pay. Major merchants and Transport for London (TfL) have also got onboard.
Apple Pay in Canada:
With an existing presence in the US and the UK, Apple Pay launched its service in Canada on November 17 and has been available for American Express cardholders for a little more than a week already.
The agreement is with American Express alone, and even then, only AmEx cards issued directly by American Express will support Apple Pay. Those issued by Canadian banks, such as Scotiabank, have been excluded.
Apple Pay can be used in these stores: Chapters, Coles, Indigo, McDonald’s, On The Go, Petro-Canada, Roasters, Staples and Tim Hortons.
Apple Pay in Australia:
In November 2015, Apple Pay was launched in Australia in partnership with American Express with no bank support.
Any retailer that accepts AmEx contactless payments will accept payments on iPhones loaded with AmEx card credentials. That includes David Jones, Myer, McDonald's, K-Mart, Harvey Norman, Telstra, Coles, Woolworths, Target, Harris Farm, Starbucks, Officeworks, Hoyts, Zara, Bunnings and Shell. Many purely online retailers will also accept it, including Kogan.
Samsung Pay is a simple and safe mobile payment service from Samsung Electronics which is available almost anywhere you can swipe or tap your card. Combining NFC with Samsung’s proprietary MST technologies, Samsung Pay provides consumers a way to pay at millions of merchant locations worldwide.
Samsung Pay in Korea:
Samsung Pay—a secure and easy-to-use mobile payment service that can be used to make purchases nearly everywhere cards are accepted—was launched in Korea on August 20. Around 500,000 users signed up for the service since its launch in South Korea.
Samsung Pay in the US:
Samsung launched Samsung Pay in the US on September 28.
Samsung Pay has an advantage over its main rivals Apple Pay and Android Pay since the service has been launched in the US on September 28 with technology that is already widely adopted by most merchants. Apple Pay and Android Pay, on the contrary, require retailers to install new equipment. In particular, Apple Pay (launched in September last year) requires retailers to install new NFC-compatible equipment with its service, which certainly affects the adoption rate among merchants as it adds an extra cost of implementation across the stores networks.
Samsung Pay has partnered with American Express, Visa, and MasterCard payment card networks in conjunction with top US banks.
A detailed list of supported banks & issuers and more information about which of their cards are compatible with Samsung Pay can be found here.
Samsung Pay in Australia:
Samsung Pay recently launched the Samsung Pay app in Australia during the Consumer Electronics Show (CES) in Las Vegas. Mr. Ko, the Global Co-General Manager and Vice President of Samsung Pay, foresees the payment technology as profitable for Samsung in the country.
To use Android Pay, all you have to do is download the app from Google Play Store, click the pictures of your card or manually enter the card details inside the app, unlock the phone before you make the purchase and hold it near the NFC-enabled payment terminal to complete the purchase. Unlike Apple Pay, you won’t have to scan your finger to complete the purchase. NFC-enabled payment terminals can be identified by locating an Android or NFC logo on the payment terminal stand.
Android Pay in the US:
Google, in collaboration with the payment networks, finally rolled out Android Pay on September 10.
Android Pay works on all NFC-enabled Android devices. All the Android devices running KitKat 4.4 and above are NFC-enabled. Android Pay is supported by the four big payments networks, viz. American Express, Discover, MasterCard and Visa. The issuer banks supporting Android Pay include American Express, Bank of America, Discover, Navy Federal Credit Union, PNC, Regions Bank, USAA, U.S. Bank, Wells Fargo and Citibank.
Android Pay is accepted at over one million stores across the US.
Android Pay in Australia:
Android users will be able to make contactless payments in Australia next year. Google has finally rolled out the service in Australia with support from banks, unlike its Apple rival. Australia will become the second country where Android Pay will be launched after it was rolled out in the US in May.
Announced on Google’s official Australian blog, the company is closely working with many of Australia’s major financial institutions—including ANZ, Westpac, Bank of Melbourne, Bank of South Australia, Bendigo Bank, Cuscal, ING DIRECT, Macquarie Bank, and St. George—with the aim of bringing Android Pay to their card holders in 2016, and will continue to work with more banks throughout the year.
When Android Pay arrives in Australia next year, it will support MasterCard and Visa credit and debit cards. The company is also working with EFTPOS to support their cards in Android Pay.
Aussies will be able to use Android Pay at all places where contactless payments are accepted. Google has called out specific retail partners for the launch of Android Pay like 7-Eleven, Brumby’s Bakery, Coles Express, Coles Supermarkets, Crust Gourmet Pizza, Domino’s Pizza Enterprises Limited, Donut King, Gloria Jean’s Coffees, McDonald’s, Michel’s Patisserie, Pizza Capers and Telstra.