Google Pay vs Samsung Pay

June 08, 2023 | Author: Sandeep Sharma
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Google Pay
With Google Pay, you can simply unlock your phone like you normally do, place it near a merchant’s contactless terminal, and you’re good to go. Google Pay does all the heavy lifting. You don’t even need to open an app—just tap and go. You’ll also see a payment confirmation and get transaction details right on your phone.
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Samsung Pay
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.
Google Pay and Samsung Pay are both mobile payment solutions that allow users to make payments using their smartphones, but they have key differences in terms of compatibility and features. Google Pay is designed to work with a wide range of Android devices and offers a seamless and secure way to make payments in stores, online, and within apps. It leverages Near Field Communication (NFC) technology for contactless payments and also supports online payment integration with various merchants. Samsung Pay, on the other hand, is exclusive to Samsung devices and offers additional functionality through Magnetic Secure Transmission (MST) technology, which enables it to be used with traditional magnetic stripe card readers. This gives Samsung Pay an advantage in terms of wider compatibility at physical retail locations. Both platforms prioritize security by tokenizing card information and requiring authentication for transactions.

See also: Top 10 Online Payment platforms
Google Pay vs Samsung Pay in our news:

2018. Android Pay becomes Google Pay



Google is consolidating its various payment tools into a unified platform known as Google Pay. The company is introducing the Google Pay app for Android, accompanied by new features aimed at establishing the payment service as widely accessible in both physical stores and online environments. The Google Pay home screen now displays nearby stores where Google Pay is accepted, providing users with relevant payment options. Furthermore, Google is launching a revamped version of the Google Wallet app, now renamed as Google Pay Send, which offers enhanced capabilities for sending and requesting money.


2016. Samsung Pay gets in-app payments and Masterpass support



Mobile payment platform Samsung Pay has joined forces with Mastercard to integrate support for Masterpass, a digital wallet solution that securely stores users' payment and shipping information for effortless online transactions. This collaboration enhances the convenience of Samsung Pay by allowing users to retain all their bank cards virtually on their mobile devices and utilize them for contactless payments. The service is set to launch in early 2017, while U.S. Samsung Pay users can anticipate in-app payment support starting in November. By selecting Samsung Pay as their preferred payment method within compatible merchant apps, users can seamlessly complete transactions. Furthermore, the introduction of the Deals feature enables Samsung Pay to automatically identify nearby discounts and coupons available at various retail stores and restaurants, granting users the opportunity to instantly redeem these enticing offers.


2015. Samsung Pay Launches In The US



Samsung Pay, the payment service developed by the device manufacturer to compete with NFC-based payment systems such as Apple Pay and Android Pay, has now been launched in the United States after its initial release in South Korea. In South Korea, Samsung Pay experienced transaction volumes exceeding $30 million within the first month. This payments platform, built on technology acquired from LoopPay, grants Samsung a potential competitive advantage by not being limited solely to NFC-based payments. Instead, Samsung Pay offers users the flexibility to make payments using their Samsung smartphones through NFC technology, similar to Apple and Google's solutions, or by emulating a magnetic stripe card. This versatility is expected to give Samsung Pay an edge in the short term. Additionally, as payment terminals increasingly support EMV and NFC technology, Samsung Pay will also adapt and continue to function seamlessly with these advancements.


2015. Samsung and MasterCard to launch Samsung Pay together in Europe



Samsung and MasterCard have decided to expand their collaboration by introducing the mobile payment system Samsung Pay in Europe. Powered by LoopPay, a company acquired by Samsung earlier this year as a competitor to Apple Pay, Samsung Pay is set to launch in the United States shortly and has already begun trials in South Korea earlier this month. Smartphones equipped with Samsung Pay will utilize the MasterCard Digital Enablement Service (MDES), the same system employed by iPhone 6 and Apple Watch to enable contactless NFC payments. Notably, one significant distinction between Apple Pay and Samsung Pay is the latter's support for magnetic strip technologies (MST) in existing point-of-sale terminals. This enables retailers to utilize Samsung Pay without upgrading their equipment. Samsung has highlighted that MST compatibility allows it to potentially reach up to 30 million merchants worldwide, subject to the establishment of partnerships with payment providers.


2015. Google launched Android Pay in US



Google has introduced Android Pay, a service that enables users to make payments with a simple tap, whether in applications or physical stores. This new service also incorporates rewards programs for loyal customers. As for the existing Google Wallet service, it will undergo a transformation, serving as a platform for peer-to-peer money transfers, similar to Venmo or Square. Google is striving to catch up with Apple Pay, which made its debut in September 2014. One notable distinction between Google's latest offering and its initial payment product lies in the partnerships that have been forged. American Express, Visa, Mastercard, and Discovery are among the companies supporting Android Pay. Additionally, the system is compatible with over 700,000 stores in the United States that accept "contactless payments," as well as various applications from different companies.


2015. Google Wallet integrates with Shopify and other merchant platforms



Google Wallet, the mobile payment system, is introducing significant integrations with merchants and merchant platforms. Users of Android apps from Dunkin' Donuts and Seamless, as well as merchants utilizing the Shopify platform to build online stores, can now leverage Google Wallet for seamless payment transactions. In November, Google Wallet also integrated with Papa John's Android app, along with merchant platforms ChowNow and Shopgate. However, the expansion of Google Wallet has been relatively gradual. Prior to this development, only around 30 mobile sites and 30 apps were integrated with the service. Currently, Google Wallet's payment services are available exclusively to users and businesses in the United States. Nevertheless, the company has recently commenced the international extension of another aspect of Wallet—money transfers—to markets beyond the U.S., enabling Gmail users in the UK to access this feature.


2015. Samsung Pay takes on Apple Pay and Google Wallet



Samsung has made an announcement about the upcoming launch of Samsung Pay, a new mobile payments solution that will be available on the latest Galaxy S6 and S6 edge smartphones during the summer. While Apple and Google were early entrants in the contactless payment market, Samsung Pay addresses significant gaps present in the services offered by Apple Pay and Google Wallet. Samsung Pay utilizes both near-field communications (NFC) and magnetic secure transmission (MST) technology obtained from LoopPay. This unique combination allows Samsung Pay to facilitate secure contactless transactions similar to Apple Pay, while also enabling "swipe" purchases on a majority of older payment terminals that have not adopted NFC technology yet. Samsung has partnered with MasterCard and Visa, along with four major card-issuing banks: JP Morgan Chase, Bank of America, Citi, and US Bank, strengthening its position in the market.


2015. Google acquired Softcard to power its Wallet



Following Samsung's acquisition of LoopPay to challenge Apple Pay's dominance in the mobile payments space, Google has also taken a significant step. It has announced the acquisition of technology from the mobile payments app Softcard. Additionally, Google Wallet will soon come pre-installed on Android phones offered by three out of the four largest U.S. carriers later this year. Similar to Google Wallet and Apple Pay, the Softcard app relies on near-field communications (NFC) for its mobile payment functionality. Google Wallet enables users to make purchases at physical retail stores by simply tapping their phones on contactless payment terminals. Despite being introduced prior to Apple Pay, Google's NFC payments system did not achieve the same level of visibility, despite receiving positive reviews.


2015. Samsung buys Apple Pay alternative LoopPay



Samsung has completed the acquisition of LoopPay, the mobile payments platform that competes with Apple Pay. LoopPay enables users to conveniently make mobile payments using their smartphones. Unlike Apple Pay, which relies on near-field communications (NFC), LoopPay utilizes magnetic secure transmission (MST), similar to the magnetic strip found on traditional credit cards. Users can securely store their credit card details in LoopPay's app, available on both iOS and Android. However, to process MST payments, customers need to have LoopPay's $59.95 card case or $10 key fob. LoopPay has previously emphasized the superiority and broader acceptance of its platform compared to Apple Pay since it utilizes external hardware instead of requiring merchants to adopt specific technology. Nonetheless, the requirement for additional hardware introduces an extra, potentially cumbersome step during transactions.


2013. Google integrates Wallet into GMail


Google Wallet was introduced a few years ago as an innovative offline payment service for smartphone users in physical stores. However, this approach did not gain significant traction, even in the United States, due to the limited availability of NFC-enabled smartphones among users and the scarcity of NFC-compatible terminals in stores. Nonetheless, Google decided to retain the promising name by integrating Google Wallet with its online payment service, Google Checkout. As a result, Google Checkout will be phased out, and Google Wallet will become the sole payment service offered by Google. It may come as a surprise, but if you have ever made a purchase on the Play Market, whether it's an app or a book, you already have a Google Wallet account. In the near future, you will likely have the ability to send and receive money to/from other Google Wallet users, similar to PayPal. This can be accomplished simply by sending an email from your Gmail account and attaching the desired amount (as demonstrated in the video). Initially, this feature will be available exclusively in the United States.

Author: Sandeep Sharma
Sandeep is a marketing expert with a wealth of knowledge in various domains: customer relationship management, social media management, advertising, search engine optimization, website building, Sandeep has established himself as a multifaceted professional. He honed his skills while working at Salesforce and Hubspot, where he gained invaluable insights into the industry. Now, as the proud owner of a small advertising consulting agency, Sandeep continues to provide innovative and effective strategies to businesses, helping them thrive in the competitive landscape of digital marketing. You can contact Sandeep via email sandeep@liventerprise.com