Apple Pay cards represent 90 percent of US credit purchase volume; Samsung readying rival service

Apple Pay now supports cards that “represent about 90 percent of the credit card purchase volume in the United States,” Apple has told The New York Times. Apple has repeatedly and consistently announced Apple Pay partnerships with more companies — ten more banks will back the mobile payment option today. Though the total amount of Apple Pay transactions on the supported cards is still a small number, the report notes that all of the partnerships “suggest that Apple has generated more traction for the service than any competing service.”

Speaking of competing services, Re/code reports that Samsung is discussing a deal with LoopPay to launch its own wireless mobile payment system in 2015. A deal would enable Samsung smartphone users to pay by waving their phones, though a source notes “the deal could still fall apart.” LoopPay’s technology mimics a credit card swipe, conceivably allowing it to work in more locations than Apple Pay. LoopPay CEO Will Graylin said his company is talking with Visa about how to make the payment process more secure — the company looks to use tokenization in its payments, as Apple Pay does.

Latest News