Since it turned on the lights last fall, Samsung Pay has managed to reach more than 5 million users and $500+ million in transactions. That’s a pretty remarkable feat, considering that it’s only available on a few phones. For comparison, Google’s Android Pay also has 5 million users, while Apple Pay has 12 million, but it has been available for much longer, making Samsung Pay the fastest-growing proprietary mobile payments platform so far.
The quick adoption of Samsung Pay is undoubtedly due to the buyout of LoopPay. Samsung acquired a company that allows you to do mobile payments the way you do with existing magnetic stripe cards, and merchants don’t even have to retool their point-of-sale (POS) equipment, like they have to do for Apple’s system.
