Samsung Pay platform allows users to load their cards and other payment methods to access them all in one place. It allows you to make contactless payments wherever required, that is, after you set it up completely. It’s now reported that Samsung Pay, which was rebranded as Samsung Wallet in 2022, holds just 3% market share in the US, falling behind Apple by a significant margin.
Samsung Pay’s market share is just 3% in the US
A latest report says that Samsung Wallet is a clear leader in its home soil, South Korea. It has a market share of 42%. Other players like Kakao Pay, Never Pay, and Toss account for 34%. The share of the mobile wallets handled by banking sectors is only 5%.
However, it is the US market where Samsung’s Wallet service is marginal at just 3%. Meanwhile, Apple is in a dominant position in the local market with a share of over 50%. This shouldn’t be a surprise considering the US is one of Apple’s strongholds. Besides Samsung and Apple Pay services, there are various third-party wallet apps like Venmo, Google Pay, Cashapp and other digital wallet services offered by banks competing for a respectable market share.
Elsewhere, Samsung enjoys a significant market share of 16% in South Africa and 9% in the United Arab Emirates. The service has a market share of 6% in Brazil and 4% in Australia, Canada, France, and Spain. Having said that, Samsung has room to grow in the US. It reportedly has the same 3% share in regions like Hong Kong, Germany, and Singapore.
Digital wallet market predictions
The number of digital wallets across the world may increase from 4.3 billion in 2024 to 5.8 billion in 2029. The market size is said to be seeing rapid growth. The transaction amount expected to grow at an average annual rate of 19.7% to reach $17 trillion by 2029.
