Samsung Pay vies with Apple in China

By Park Sae-jin Posted : March 29, 2016, 16:12 Updated : March 29, 2016, 16:12

[Courtesy of Samsung Electronics]



South Korea's Samsung Electronics provoked a war with US rival Apple on Tuesday in China's fast-growing mobile payment market, in partnership with Union Pay and nine Chinese banks. 

Samsung Pay and Apple Pay are the world's most widely used mobile payment systems. Their competition in China comes on the heels of an incessant contest between the two tech giants to expand their presence in the global smartphone market.

Chinese users of high-end Galaxy smartphones can use Samsung Pay in cooperation with China's bank card giant UnionPay. Nine Chinese banks sided with Samsung Pay, and six more will be added later.

Samsung's mobile platform supports magnetic secure transmission technology that works on traditional credit card machines. It also supports near field communication (NFC) technology that requires a separate transaction device.

Samsung promised to roll out more devices supporting its mobile payment platform. Samsung Pay, released in the United States last year, has five million users.

Aju News Lim Chang-won = cwlim34@ajunews.com

 
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