The launch of Apple Pay late last year was bound to shake up the crowded and fragmented mobile payments market. Banks now face more pressure to make the right plays in this space or else lose their customers.

As things stand, Apple shows strong numbers in bothiPhone 6 salesand usage of Apple Pay among its early adopters. Competitors are responding with new partnerships and products. Samsung introduced Samsung Pay at Mobile World Congress, with LoopPay's magnetic swipe technology enabling mobile transactions on credit card readers. Google acquired mobile wallet Softcard and partnered with AT&T, Verizon and T-Mobile to preload Google Wallet on their handsets, and will also launch a new mobile payments application program interface later this summer.

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