Samsung has partnered China UnionPay to allow its credit and debit card holders in China to use its mobile payment service, Samsung Pay. Samsung said that Samsung Pay-supported contactless payment can be accepted in most of the POS terminals in China, including QuickPass-enabled NFC POS terminals. Together with China UnionPay, Samsung Pay ensures secure transaction with a reliable triple-layered protection mechanism including fingerprint identification, tokenization and KNOX.
Samsung Pay will receive relevant tests and certification as required by Chinese regulators before its official roll out to UnionPay cardholders in China in early 2016, said Samsung in a statement. Samsung Pay is not the only payment giant to enter the Chinese market this season. Samsung's rival Apple has also signed a similar partnership with China UnionPay to bring its Apple Pay service to Chinese consumers next year.
Friends or Rivals? #Apple, #Samsung to Enter #China Payments Market With #UnionPay https://t.co/BPumz0bwxz via @business #tech #finance
— Fion Li (@fion_li) December 18, 2015
Injong Rhee, Executive Vice President at Samsung Electronics
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.
Chai Hongfeng, Executive Vice President of China UnionPay
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.
