Samsung has delayed the launch of its new mPayment platform. During a conference call with investors, Samsung Executive VP Rhee In Jong asserted that the service will launch in September – a bit later than the previously anticipated July release.
The delay would appear to hurt the platforms ability to compete with rivals like Apple Pay, which is already well-established and continues to improve in its prominence, and Alipay, Alibaba’s mPayment platform. But Samsung has indicated that Samsung Pay will launch along with at least one new high-profile mobile devices, and that opens the possibility of both offerings feeding each other’s hype.
The technology behind Samsung Pay is another good reason for optimism. Originally developed by LoopPay, system doesn’t require NFC readers at merchants POS terminals, unlike Apple Pay and similar platforms. That means Samsung Pay will be compatible with many more retailers – at least in countries like the US, where NFC technology isn’t widespread – at the time of its launch, potentially giving it a leg up over its rivals.
In any case, all the major mPayment platforms should be able to do good business going forward as the mainstream market embraces the convenience of mobile payment; according to Forrester Research, the overall market is expected to grow from $67 billion this year to $142 billion by the year 2019.