In the battle for dominance in the world of Mobile Payments it’s a bitter fight, and while the big banks will tell you they’re well in front – and they may be – there’s a surging force behind them that could well overtake them if they aren’t careful. American Express are leading that force.
Having announced their launch of ApplePay in Australia late last year American Express became the first card-issuer in Australia to support the iPhone and Apple Watch based system – but frankly I and others thought it would be the final chink in the armour that would force the banks to jump on board ApplePay – it was not.
And now with Samsung Pay coming to Australia as announced as part of the Galaxy S7 launch we look like having the same situation continue. American Express have announced they will support Samsung Pay – yet we’ve heard nothing from the banks?
Don’t worry, they know it exists. Samsung Pay was all over Las Vegas for CES – the billboards were almost ridiculous.
And Samsung say they’re not looking to clip the ticket – so why again must Amex lead the charge here?
I don’t care – as an Amex cardholder I personally get the benefit of ApplePay integration, and when I start testing the new S7 I’ll enjoy Samsung Pay too.
Innovative banks like the Commonwealth and Westpac need to suck it up and do a deal.
The payment systems available via the banks now are excellent, they were innovative, and they are getting utilisation. The issue is they just aren’t as native and simple as an integrated solution like ApplePay or Samsung Pay – so it’s about time they banks put consumers first.
We wait… not holding our breath mind you.