Apple Pay Scales The Great Wall

23 Dec 2015 | Author: | No comments yet »

Apple Pay and Samsung Pay Primed to Go Head to Head in Mobile Payment Market.

Silicon Valley – China’s state-owned bankcard association, China UnionPay, has joined forces with Apple to bring the US giant’s electronic payment system, Apple Pay, to the mainland. Following a similar deal that was inked recently between Apple and UnionPay, Samsung Pay is set to launch in China “as soon as early 2016” after the company also signed a deal.

Chinese mobile payment market which is still only dominated by Alipay of Alibaba group is en route to experience even better services for customers with the introduction of Apple and Samsung Apple Pay and Samsung Pay are primed to go head to head in the biggest mobile payment market in the world by next year.Samsung Electronics (OTCMKTS:SSNLF), a global technology provider entered into a strategic partnership with China UnionPay, China’s only domestic bank card organization, Samsung announced today. On its official website, Samsung’s VP Injong Rhee indicated that now UnionPay card holders in the country will enjoy easy, fast, and secure mobile payment service. The recent deal means that Samsung Pay users will be able to use swipe and contactless payment terminals, though there are some hurdles that must first be overcome.

There is no word yet on how long that’s expected to take, but Apple is thought to be readying for a February launch, and Samsung may well receive approval at the same time. It simplifies the procedure for better user experience, and adopts multi-layered protection to ensure security, allowing easier and safer mobile payment experiences.” The collaboration backed by UnionPay partner banks in China will provide easy mobile payment solutions to Samsung’s users. The current battle is a mere extension of the tech war between the two global heavyweights who are in constant struggle to dominate the world of smartphone and other tech devices. According to People’ s Bank of China, more than 4.54 billion transactions were recorded in the third-quarter of 2015, implying the benefit that the financial institutions can have if they enter this profitable market.

Samsung Pay will need to go through several tests and acquire regulatory certifications before it enters the Chinese market as expected in the early 2016.

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