Apple Pay and Samsung Pay launch in a new market (AAPL)

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Apple Pay and Samsung Pay have entered a new market.

Apple Pay, the tech giant's NFC mobile wallet, officially launched in Singapore this week, while Samsung Pay is set to launch in the second quarter of 2016, according to Finextra. Apple Pay is currently only available for American Express cardholders in the Asian nation, but Visa customers will have access "in the coming months," according to Apple.

Samsung Pay, as per usual, has the advantage of widespread availability. The service supports multiple major banks and all three major card schemes.

Singapore has the greatest smartphone adoption rate in the world at 90%, which means that 4.5 million adults within the country's borders own a smartphone. Apple has a market there of 1.7 million, while Samsung has 1.3 million.

As Apple, Samsung, Google, PayPal and others increase their focus on mobile wallet products, paying with phones in stores is going to become commonplace.

John Heggestuen, a managing research analyst on the BI Intelligence research team, Business Insider's premium research service, has compiled a detailed report on mobile payments that analyzes how this landscape will transform in the next few years.

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Here are some of the key takeaways from the report:

• In our latest US in-store mobile payments forecast, we find that mobile payment volume will reach $37 billion this year. This is about half our previous estimate for 2015. The downward revision is primarily the result of later-than-expected launches of major mobile wallets from big tech players.
• But by the end of the forecast period in 2019, we expect volume to reach $808 billion, or about 99% of the old estimate. Our forecast is still one of the largest in the industry, and we think mobile payments will catch on faster than other research firms suggest: Mobile payment capability is either already offered or about to be implemented at merchants accounting for a huge chunk of US payment volume.
• The number of people who make a mobile payment at least once a year will grow from nearly 8% of the US consumer population in 2014 to 65% by 2019. The growth in mobile payment users will largely be driven by mobile wallet initiatives from Apple, Samsung, and Google. When these are in place, 90% of the forthcoming smartphones in the US will come with mobile wallets preinstalled.
• Samsung Pay will be a huge driver of mobile payment volume. Unlike Apple Pay, Samsung Pay is compatible at virtually every payment terminal in the US, thanks to the company's acquisition of LoopPay. This will make it easier for early adopters to make a habit of paying with their phone.
• The sheer number of mobile wallets available or in the works from Apple Pay, Samsung Pay, CurrentC, Google Wallet, and others will drive mobile payment adoption as well. This will largely be the result of competitive pressure building between the companies and the bandwagon effect. Adoption will be self-reinforcing — the more consumers and retailers that use or offer mobile in-store payments, the more the behavior will catch on among others.

In full, the report:

• Forecasts US mobile payment volume and user base from 2014-2019.
• Provides an in-depth explanation of the assumptions and data behind the forecast.
• Analyses the asymmetric objectives of the key players in the mobile wallet space.
• Provides an update on the mobile payments industry including analysis of Samsung Pay, Google Wallet, and PayPal.

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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.