(Tech Times) – There has never been a more exciting time for mobile payments than now. Barely eking out transactions in 2013, mobile payments have boomed to a $50 billion market and is expected to grow to $142 billion in four years.
Thanks to Apple Pay, paying with smartphones is quickly becoming commonplace. However, Apple Pay is not the only mobile payments system available and it has its limitations, the most obvious being that only iPhone 6 and iPhone 6 Plus users can use it.
Longtime Apple rival Samsung, for one, has recently announced Samsung Pay, its own mobile payments solution unveiled during this year’s Mobile World Congress. Samsung’s announcement comes hot on the heels of Google revealing Android Pay and announcing that it purchased assets of Softcard, another mobile payments system initially established to rival Google Wallet. The latter came before Apple Pay but was never able to draw the popular response Apple has successfully elicited from its loyal base of customers.
Apple Pay and Samsung Pay are similar services targeted at consumers. Like Apple Pay, Samsung Pay supports NFC-enabled payments and is right now limited to the Samsung Galaxy S6.