Although mobile wallet services got off to a bit of a slow start, they are beginning to become more widely adopted as more companies start to implement the hardware required to support them. There is no shortage of mobile wallet solutions at the moment; Android Pay (an evolution of Google Wallet), Apple Pay and Samsung Pay are among the most-used types of mobile payments. While Apple has often shown a knack for fostering adoption of new technology through its strength in branding and product awareness, a new study by Auriemma Consulting Group (ACG) shows that in terms of customer satisfaction, Samsung takes the lead.
According to ACG’s study of 2,004 consumers, the 327 users of Samsung Pay compatible devices, such as the Samsung Galaxy S7, showed a satisfaction rating of 92%, while the 1000 users of Apple Pay compatible devices only demonstrated an 84% satisfaction rating. On the other hand, 53% of Apple users said they would recommend Apple Pay, while only 49% of Samsung users would recommend Samsung Pay. Samsung Pay users spend on average $82 per week using the service, while Apple Pay users only spend around $75.
Samsung Pay works a bit differently than most mobile wallets. The most significant difference is that while others rely on near-field communication (NFC), Samsung Pay is actually able to beam a signal into the magnetic reader of most traditional credit card terminals. This gives it a huge advantage over other options because it’s not dependent on merchants installing special equipment in order to be able to process transactions. Samsung Pay also stores rewards cards. And they also have a much higher level of compatibility than competing apps, because they use a special sensor inside Samsung devices to emit a light beam into barcode scanners that aren’t capable of reading barcodes and QR codes from the display of a smartphone. Because of this, reward cards stored in the Samsung Pay app can be read almost by just about any barcode scanner. Another advantage Samsung Pay brings to the table is the ability to store credit, debit and reward cards in Simple Pay, a feature of the Samsung Pay app that allows quick access to them from the lock screen, home screen and even while the display is turned off, by swiping up from the physical button. The ability to get to cards quickly, in combination with the nearly universal compatibility, make Samsung Pay stand out from its rivals, and are likely a big part of why consumers find it more enjoyable to use.