Samsung Wallet is indeed a useful and well-considered payment service among the Galaxy audience; however, it apparently fails to dominate in one of the major markets, the US.
According to the recent report by etnews, Samsung Pay’s (basically, Samsung Wallet) digital market share in its home country, South Korea, is overwhelming, accounting for 42%. At the same time, the service fails to attract a US fanbase with a market share margin of a mere 3%, whereas Apple Pay retains more than half of the digital payment market share in the US.
Specifically, Samsung Wallet is fully dominant in its own fort, accounting for 42%, while other local payment services’ including Kakao Pay, Naver Pay, and Toss, total 34% of the Korean market. Thus, Samsung leads in its country; however, Apple clearly dominates the US market, with a total of 50% of the digital payment share, which makes it a tough competitor.
Though Samsung stands far behind Apple in terms of digital payment service in the US, in addition to Korea and the US, Samsung Wallet is spreading a significant shift to other markets payment shares, which include South Africa, Australia, Singapore, Canada, France, Germany, and Spain.
Well, with the market size growing more rapidly, it’s possible that people will be used to a new routine, where the payments, transportation fee payments, utility bill payments, and other transactions will happen via digital wallets such as Samsung Wallet or Apple Pay and will be intact with high-level security.
Beyond this, Samsung Wallet is facing some serious competition from Apple Pay in the US, and in order to recover and to gain digital payment market share in double digits, Samsung certainly requires growth.
