The mobile payments market is starting to get crowded. Platforms have emerged from wireless carriers, retailers, and mobile device makers. Apple (NASDAQ:AAPL) Pay and Samsung (NASDAQOTH:SSNLF) Pay are two of the most recent additions.
While the two systems share some similarities, the companies are taking different approaches to make their mobile payment platforms successful. Apple has the first-mover advantage and is quickly growing the list of banks and retailers that accept Apple Pay. At Apple's event earlier this week, CEO Tim Cook said Apple Pay is now accepted at 700,000 locations across the U.S.
Meanwhile, Samsung Pay has yet to launch. But when it does, the system will use both near field communication (NFC) technology and traditional magnetic card readers -- accounting for about 90% of all point-of-sale terminals across the country.
The result is two competing mobile payment platforms that both have a good chance of spurring on new device sales for both companies. Click through the slideshow to find out more.
Chris Neiger has no position in any stocks mentioned. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.