Samsung Pay launches in China

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Samsung have become the latest company to launch their mobile wallet in China with the assistance of local vendor UnionPay.

The new system will allow shoppers to buy goods and services in store by simply using their Samsung smartphone.

The move comes hot on the heels of Apple who last month launched Apple Pay in China, again in partnership with UnionPay.

There is little surprise that Samsung have chosen to enter the market of mobile wallets as China is currently the biggest market for smartphone users with around 68% of the population owning one.

The market for mobile wallets is currently dominated by Alibaba’s Alipay but Samsung and Apple are sure to provide stiff competition.

When Samsung announced the official launch, which had been anticipated since last year, the company said Samsung Pay will be support the debit and credit cards of nine major Chinese banks.

Confidently, Samsung has said their greatest asset with Samsung Pay is the fact that it works with a larger number of existing payment terminals when compared to the major competitors.

In a similar manner to Apple Pay, Samsung Pay will use near field communication technology (NFC) but the company has already been warned that it will face stiff competition from Alipay as it is already so dominant in the mobile wallet market.

Samsung Pay is already available in the US and South Korea and is expected to be launched in the UK later in 2016. Assuming that everything is successful, it is expected that service will be launched in other markets soon after.

Although Thailand may not be seen as one of the most obvious countries to launch in, Samsung have previously shown a great deal of faith in the market here.

 

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