Samsung Electronics on Tuesday launched Samsung Pay, its mobile payment service, in China.
Samsung Pay will enable Chinese users of high-end Galaxy smartphones to use the service in tandem with UnionPay, a China-based bank card giant.
The mobile platform supports magnetic secure transmission technology that works on traditional credit card machines. For now, Samsung has tied up with nine major Chinese banks; six more partners will be added soon, Samsung said.
Samsung Pay, first released in South Korea and the United States last year, currently boasts around 5 million users. Samsung said last month it is also preparing to launch in Australia, Brazil, Spain and a few other countries.
According to Mobile Commerce Press, Samsung Pay has already proven to be extremely popular among merchants. Samsung predicts that as many as 30 million merchant locations throughout the world will accept the new payment service in the near future. This would make Samsung Pay the world’s first mobile commerce solution that has near universal acceptance. In China, Samsung Pay may become quite popular among consumers that have become reliant on their mobile devices while shopping. While Samsung may be able to find more success than Apple, it will face major competition from other companies that have become involved in mobile payments. Both Alibaba and Tencent have established major footholds in the mobile space.
Chai Hongfeng, executive vice president of China UnionPay, said: “With the rapid development of the mobile payment industry, China UnionPay is committed to open cooperation with other parties in the industry to provide more secure and more convenient products and services for consumers. This cooperation between China UnionPay and Samsung will combine the strengths of the former in payment and the expertise of the latter in mobile terminals to jointly create brand new mobile payment experience for consumers, and to further expand the user base of UnionPay QuickPass brand. ”
The South Korean mobile company said it will also make efforts to roll out more devices that support its mobile payment platform. “With technological innovation, Samsung Pay expands the usage of mobile payment. It simplifies the procedure for better user experience, and adopts multi-layered protection to ensure security, allowing easier and safer mobile payment experience. The collaboration with China UnionPay, coupled with the support from major UnionPay partner banks in China, will bring this secure and easy-to-use mobile payment solution to more Samsung mobile users.” said InJong Rhee, executive vice president of Samsung.
Want to use Samsung Pay? This video will show you how.