“According to a new Korean report, Apple Pay competitor Samsung Pay reportedly had a net loss of $16.8 million (20.167 billion KRW) in its first year on the market,” Jack Purcher reports for Patently Apple. “Analysts view this as being close to a ‘failing grade’ if viewed on its business performance alone.”
“The report further noted that “Currently Samsung Pay Corporation is not creating profits from any business models. Samsung electronics formally announced that it has no plans in imposing any commission on using Samsung Pay,” Purcher reports. “However, in exchange for its free service, Samsung is reportedly securing and analyzing data on consumers’ behavior through Samsung Pay to better understand trends on purchases of every kind.”
“The ‘Big Data’ will assist them with future marketing campaigns and R&D,” Purcher reports. “Whether they’re giving their customers an option to opt out of this kind of data sharing is unknown at this time.”
Read more in the full article here.
MacDailyNews Take: Wake up Android settlers!
I’m speaking to you from Silicon Valley, where some of the most prominent and successful companies have built their businesses by lulling their customers into complacency about their personal information. They’re gobbling up everything they can learn about you and trying to monetise it. We think that’s wrong. And it’s not the kind of company that Apple wants to be… We believe the customer should be in control of their own information. You might like these so-called free services, but we don’t think they’re worth having your email, your search history and now even your family photos data mined and sold off for God knows what advertising purpose. And we think some day, customers will see this for what it is. — Apple CEO Tim Cook, June 2, 2015
[Thanks to MacDailyNews Reader “Dan K.” for the heads up.]