Some 3.4bn smartphones will be compatible with Apple Pay, Samsung Pay and Android Pay by the end of 2017 — with the number expected to increase to 5.3bn by 2021, research released by IHS Markit reveals.
By the end of this year, 11% of active smartphones globally will be compatible with Apple Pay, 61% with Android Pay and 3% with Samsung Pay, according to the research firm.
“To reach these smartphones, Apple, Samsung and Android must strategically expand mobile payments services and build partnerships with banks and financial institutions,” says Ruomeng Wang, mobile and telecoms analyst at IHS Markit.
“Apple and Samsung are leading the global expansion of device-based mobile payments services. Despite Apple Pay having a 10-month head start on Samsung Pay, Samsung has been catching up with Apple in terms of total available markets.”
“Compared to Apple and Google, Samsung doesn’t have the same level of content, app platforms or web browsers designed to keep customers engaged,” Wang added. “In order to tie customers to Samsung’s ecosystem, Samsung must actively expand Samsung Pay’s support for online retail.”
Apple Pay is currently available in a total of 15 global markets, Android Pay is present in 10 markets and Samsung Pay’s recent entrance into four new countries brings its global presence to 16 markets, including its early access launches in Hong Kong and Switzerland.