Samsung Pay

[joowdx]

Any news about Samsung Pay support here in PH?

[Bern2Hell]

Sadly none, probably due to laws and the PH market not yet ready in terms of number of users.

But let's wait and see. 😊

[joowdx]

Hmmm, I'm curious as to what law is it?

Yeah, we could wait, but it'll be maybe 5 to 10 years from now without a guarantee.

I wonder why we (PH) are always lagging behind. Even Google doesn't support google pay here in ph.

[Bern2Hell]

Well for one the Bangko Sentral asked to hold applications for ewallets.

True it would still take 5-10 years as the PH market is still at it's infant stage in using ewallet and such.

Samsung probably doesn't want to risk setting up systems, infrastructures, and marketing on marketing that will not meet the demand. 😊

[joowdx]

So, it was just BSP themselves all along. But the 2-year ban just ended. I hope there would be plans on supporting e-wallets soon.

Yeah, even if I were Samsung myself. Unless there's a competition, it's another story.

[Bern2Hell]

Yeah, laws and regulations are a factor. But the business side is also a big factor. As the big question for the company is it sustainable and lucrative enough for them to risk the market. Or do they simply wait for the market to develop and bring it in later on.

[joowdx]

I don't know how businesses or laws work but does it really take that much resources to have it materialise here in ph?

I've read a Reddit post some time ago. As BDO says we should contact Samsung on its availability. But yeah, does it really take that much of an effort and resources to have it weighed as a risk when doing so? https://www.reddit.com/r/SamsungPay/comments/epfx4x/update_on_samsung_pay_philippines/

[Bern2Hell]

Of course, they always weigh it in first if it is sustainable and profitable.

They'll need to invest on the legal, setup of the system here in the PH, and most of all marketing.

Also remember that not all galaxy devices have Samsung Pay. So would there be enough users to sustain it?

Let's think of it this way, if we assume that there are only 1 million devices compatible with Samsung Pay here in PH. Conservatively only 10% of those will know what Samsung Pay is so meaning 100k users. Out of the 100k users we can conservatively estimate that 10% of that will be using it. Meaning only on average 10k users will be using Samsung Pay. That would not be a lot of users to sustain Samsung Pay.

If we argue that it's to conservative to compute it that way. Just remember there PayMay, GCash, different bank apps that are also competing on that service. 😊

[joowdx]

Thanks for your detailed answer. I completely agree with you but I think Samsung Pay is just more of a tool to replace physical cards with digital ones. I don't think it's meant to completely compete with PayMaya or GCash as you can even, if ever possible, use it inside Samsung Pay and utilize it to its full extent. I think it's only meant to compete with Google Pay or Apple Pay as they imitate physical cards. But yeah, agreed. Got lot of acquaintances using Samsung devices but doesn't even know some of its very basic and useful features such as gestures, edge panel, dual messenger, let alone Samsung Pay.

I just remembered. Samsung Blockchain Wallet is supported here in PH and not in Vietnam (my device's firmware). It comes pre-installed. It's just adding more confusion as blockchain is even more complicated.

[Bern2Hell]

True, the most expensive part in introducing new products in any industry is educating the market.

It's a lot of marketing and promotions until the market gets use to it.