Wednesday, October 20, 2021

Samsung Pay now supports TD cards

Samsung Pay now supports TD access cards and TD credit cards.

With this announcement, made on Sept. 15, TD joins RBC and CIBC as another major Canadian bank supported by Samsung Pay.

Samsung says that the expansion will provide broader access to contactless payments, which have accounted for 60 per cent of all transactions in Canada since the beginning of the year.

Users can pay using the app on a compatible Samsung Galaxy smartphone or wearable device.

Apple Pay still reigns supreme

Mobile wallet services such as Samsung Pay and Google Pay offer the convenience of integrating contactless payment methods into smartphones, reducing the need to carry around a bulky wallet.

Their use is on the rise, too. According to Pulse, an interbank funds transfer network, mobile wallet use in the U.S. increased by 50 per cent in 2020 among Apple, Google and Samsung. Analyst firm Insider Intelligence predicts that mobile payment apps will reach more than 100 million Americans by the end of 2021.

Graph predicting the increase in mobile payment use.
U.S. contactless mobile payment users will reach over 100 million by the end of the year and 125 million by 2025. Source: Insider Intelligence.

Apple Pay is the dominant player in this area, accounting for 92 per cent of U.S. debit transactions in 2020. Samsung Pay ranked second with five per cent, while Google Pay sat at just three per cent.

graph depicting mobile wallet market share.
Just five per cent of debit transactions made in the U.S. in 2020 were over Samsung Pay. Source: Pulse

In terms of user count, Insider Intelligence says that in March 2021, Apple Pay had 43.9 million users, more than Google Pay and Samsung Pay combined.

IT World Canada has reached out to Samsung for data on Canadian usage of its mobile wallet and will update the story once it receives a reply.

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Jim Love, Chief Content Officer, IT World Canada
Tom Li
Tom Li
As an avid technology enthusiast, Tom loves to fix, break, and talk about electronics. Now he gets to write about them. Talk about a dream career.

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