SamSung Pay vs Apple Pay - Is the pioneer a winner in the Vietnamese market?
Recently when the Apple Pay event officially launched in the Vietnam market and received enthusiastic support from Apple fans as well as sales locations in Vietnam.
However, Apple Pay is not the pioneer in the field of contactless payments, which was explored by Samsung in this market of 100 million people more than 8 years ago with the appearance of Appel's direct competitor in the market.
Is the pioneer a winner in the Vietnamese market? Let's take a look at some information and statistics on the international market with FinFan to get the most accurate results about the battle between Apple Pay and Samsung Pay.
Some global analytics about the expensive contactless payments market
Expensive contactless payments in the U.S market (Apple’s home)
According to the latest report of the research page Market and Market, the contactless payments market in the U.S is predicted to be grown from 10.3 billion US dollars to 17.9 billion US dollars in 2025. With an estimated annual growth rate of 11.7%, contactless payment solutions continue to have strong momentum after COVID-19 and the ongoing 2022 double crisis.
Another report from eMarket.com has also shown the user growth rate of these contactless payment service providers in the US, Apple Pay has been occupying an extremely large user position (only after Starbucks with over 27.5 million users by 2022). On the other side, the number of users in this country of SamSung Pay only reached half (only 13.2 million users).
Expensive contactless payments in the Korean market (SamSung’s home)
According to the latest report on 20 October 2022 was published on Korea JongAng Daily, because of the very strong power of the "Chaebols" of the country of kimchi, HyunDai and SamSung have cooperated to capture the contactless payment market of South Korea.
Accordingly, users of Apple products in the Korean market can only choose to download the application of HyunDai Card for their payment. However, if Apple Pay is really allowed to operate in the Korean market, and 50% of 11.32 million iPhone owners in Korea use Apple Pay, the payment revenue could be up to around 13.6 trillion won (appropriate 10.21 billion US dollar) annually, according to Kim Jae-woo, an analyst at Samsung Securities in a report Oct. 4.
SamSung Pay – the pioneer in Vietnam with contactless payment technology.
Samsung Pay originally demonstrated to customers its convenience in payment transactions in 2017 when it first reached the Vietnamese market.
At the above time, the application of NFC technology in payment without going through operations such as swiping cards or bank transfers was still a new and unpopular form in Vietnam.
Samsung had to spend a lot of money to educate the market and change consumers' habits when applying many preferential programs associated with many famous F&B parties such as HighLand Coffee, KFC, etc. entertainment services such as watching movies at Lotte and CGV, etc.
As a result, after only 6 months of operation, Samsung Pay has received initial positive results: nearly 400,000 registered users and 500,000 successful transactions via Samsung Pay, bringing the total transaction value up to 350 billion VND in addition to positive feedback from users – Samsung Pay is a solution that supports the use of simple, secure and easy payment cards.
Apple Pay - latecomers but make good use of their advantages in the contactless payments market.
Recently on August 8, a very beautiful day for the launch of certain products in the Vietnamese market, Apple announced that it will officially launch Apple Pay on mobile devices of the leading mobile phone company in America.
As expected by the company, this event has attracted a lot of Apple fans to create the Vietnamese market to support.
The proof is that after only a few days of launch, F&B chain stores, shopping malls or even food delivery apps have integrated this payment method for their products or services.
That is completely opposite to Samsung when launching their products on the Vietnamese market when users are still not used to this touchless payment.
The result is what Samsung did within 6 months from September 2017 to March 2018, Apple only needed a few days of launch to reach that number.
SamSung Pay vs Apple Pay - who will win?
In short, the victory in the Vietnamese market for NFC payment methods comes from the loyalty of users to the phone brand. Except for Google Pay, which is suitable for all lines, both Samsung Pay and Apple Pay require users to use their own phones to use the above function.
However, it seems that Apple Pay is winning because retaining customers to stay with the company has been shaped since the company entered the Vietnamese market. While with phones using Android operating system, users have too many options with other products.
At the same time, with the extremely fast development of e-wallets in the Vietnamese market, NFC is considered a solution for customers who are considered to be well-off and have conditions when used a lot in restaurants and shops. Large stores have modern POS machines to support the above payment. And this problem, Apple has been bringing that experience more than Samsung in this market of 100 million people.