Apple Pay vs Samsung Pay
Last updated: October 27, 2016
Apple Pay will change how you pay with breakthrough contactless payment technology and unique security features built right into the devices you have with you every day. So you can use your iPhone to pay in a simple, secure, and private way.
Samsung’s mobile payments app that uses both near-field communications (NFC) and magnetic secure transmission (MST) technology. It’s brought MasterCard and Visa to the table as partners along with four of the largest card-issuing banks: JP Morgan Chase, Bank of America, Citi and US Bank.
Face to face in the news:
2016 - Samsung Pay gets in-app payments and Masterpass support to stand out over Apple Pay
Mobile payment platform Samsung Pay, which lets users keep all their bank cards in virtual form on their phone and use them for contactless payments, has partnered with Mastercard to add support for Masterpass, a digital wallet solution that stores users' payment and shipping information, making online payments easier. The service will become available to users in early 2017. U.S. Samsung Pay users are also getting support for in-app payments in November. They'll be able to select Samsung Pay when paying in merchant apps that support the platforms. Finally, the new Deals feature will automatically locate nearby discounts and coupons in stores and restaurants; users will be able to instantly redeem these deals.
2015 - Apple rebrands Passbook to Wallet extends Apple Pay to UK to win over Samsung Pay
Apple decided to rename the Passbook app to Apple Wallet to make it relevant with updated Apple Pay service. Alongside adding your usual debit and credit cards, Apple Pay now lets you add store cards as well as loyalty and rewards cards. Kohl’s, JC Penney and BJ’s will be the first retailers on the platform to offer Apple Pay compatibility with their own store credit cards. Beyond that, Kohl’s, Walgreens and Dunkin Donuts will be bringing rewards cards to the Apple Pay platform. This comes alongside a major expansion to Apple Pay, which is headed to the UK and will soon be compatible with 70 percent of the UK’s debit and credit cards. Plus, Apple has just announced a new partnership with Square, which will release a new card reader that will let small businesses take Apple Pay payments and credit card chip payments (no card swipes, however).
2015 - Samsung buys Apple Pay alternative LoopPay
Samsung has acquired the mobile payments platform and Apple Pay rival LoopPay. LoopPay allows users to make mobile payments via their smartphones. But unlike Apple Pay, which uses near-field communications (NFC), the company uses magnetic secure transmission (MST), similar to the magnetic strip on traditional credit cards. Users store credit card information in a digital wallet via LoopPay's app (it's on iOS and Android), but transactions also require the company's $59.95 card case or $10 key fob, which enable the MST payments. LoopPay has previously touted its platform as being better and more widely accepted than Apple Pay — since it uses external hardware, it doesn't require merchants to adopt the same type of technology as Apple Pay — although the necessity of extra hardware adds an extra, potentially awkward step, to transactions.