This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, please click here. Samsung Pay, Samsung’s proprietary mobile wallet, will add its fifth market and first in Southeast Asia when it officially launches in Singapore on June 16. The wallet’s Australia launch is also “coming soon,” with reports indicating June 15 as a likely announcement or launch date, according to IBS Intelligence. Samsung Pay will launch with solid partnerships. Both Singapore and Australia could be strong markets for the wallet. Mobile payments are becoming more popular, but they still face some high barriers, such as consumers' continued loyalty to traditional payment methods and fragmented acceptance among merchants. But as loyalty programs are integrated and more consumers rely on their mobile wallets for other features like in-app payments, adoption and usage will surge over the next few years. Evan Bakker, research analyst for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on mobile payments that forecasts the growth of in-store mobile payments in the U.S., analyzes the performance of major mobile wallets like Apple Pay, Android Pay, and Samsung Pay, and addresses the barriers holding mobile payments back as well as the benefits that will propel adoption. Here are some key takeaways from the report: In full, the report: To get your copy of this invaluable guide, choose one of these options: The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of how mobile payments are rapidly evolving.
Samsung Pay is officially launching in Australia in June, with Singapore set to follow soon after, as the mobile giant brings its proprietary mobile wallet service to Southeast Asia. Samsung has partnered with major Australia-based banks, including CitiBank and Standard Chartered, as well as Visa and Mastercard, while in Singapore, partner American Express is rumoured to be joined by Bank of Melbourne and Westpac, among other financial institutions. Samsung benefits from mature markets in both countries, controlling 29% of Australia’s smartphone market, as well as 70% of Singapore’s Android and 40% of the nation’s smartphone market.