Saturday, 8 August 2015

Apple Pay, Samsung Pay, Android Pay: What This Means for Banks

From Bank Innovation –

“Over the past 25 years digital disruption has been occurring, but nowhere are these disruptions felt the hardest than by banks. Large established bank institutions are leading the charge in the digital disruption strategy and managing the velocity of technological change. Banks that don’t adopt new technologies will have very few easy choices for growth.

Speed of adoption to new technologies, especially mobile banking, is arising from consumers’ usage. Let’s take a look at digital banking and three major providers of mobile payments: Apple Pay, Samsung Pay and Android Pay.

Mobile banking is becoming more prevalent than ever, due to ease and convenience. The major smartphone and mobile device manufacturers all seem to be getting involved with mobile banking and mobile payments.

Currently, Apple’s iPhone leads the mobile market share with regard to handsets, at 42% share of market. While Samsung is at 28%. But more importantly is the operating system, in which Android leads with 52.4%, and not too far behind is Apple’s iOS at 42.6%. Apple has showed small gains in recent months.”

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