29 June 2017
Visit cib.db.com

Samsung ties up with China UnionPay for mobile payments service

03 October 2014  |  8647 views  |  0 Chinese flag

Mobile handset manufacturer Samsung has partnered with China UnionPay to provide smartphone payment services to consumers in China.

The tie-up with UnionPay, which controls 80% of China's offline payment market, is expected to give Samsung a head start in the mobile payment sector, says the Yonhap News Agency, which first reported the deal.

People using Samsung's latest Galaxy Note 4 phablet as well as the older Note 3 and Galaxy S4 smartphones will be able to use the system across a network of some 3.6 million NFC-ready terminals at shops throughout the country.

Samsung's entry into China mimics Apple's approach to the US launch of the Apple Pay service, by forging links with card schemes and issuers to gain a foothold in the nascent non-cash payments market.

China remains a relatively underdeveloped market for non-cash transactions, says the recently-issued Capgemini/RBS 2014 World Payments Report, but its population and growth rate suggest in certain conditions that it could soon outstrip the US and Eurozone within the next five years.

Currently, one in five people in the world that are using mobile banking, lives in China, according to data from consultancy CGAP.
KeywordsEFTPOS

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Payments industry challenged by soaring growth in non-cash transactions

Payments industry challenged by soaring growth in non-cash transactions

30 September 2014  |  14228 views  |  0 comments | 36 tweets | 19 linkedin
Russian Standard Bank enables mobile payments on Samsung smartphones

Russian Standard Bank enables mobile payments on Samsung smartphones

30 June 2014  |  7015 views  |  2 comments | 10 tweets | 8 linkedin
WestPac NZ and Samsung team on digital banking innovation

WestPac NZ and Samsung team on digital banking innovation

20 May 2014  |  6588 views  |  0 comments | 7 tweets | 5 linkedin
Researchers crack Galaxy S5 fingerprint reader and access PayPal app

Researchers crack Galaxy S5 fingerprint reader and access PayPal app

16 April 2014  |  8307 views  |  0 comments | 15 tweets | 5 linkedin
Samsung and PayPal team to let Galaxy S5 owners pay by fingerprint

Samsung and PayPal team to let Galaxy S5 owners pay by fingerprint

25 February 2014  |  7709 views  |  0 comments | 13 tweets | 18 linkedin
China Unionpay launches mobile NFC payments system

China Unionpay launches mobile NFC payments system

15 July 2013  |  8539 views  |  0 comments | 14 tweets | 13 linkedin
Samsung to pre-load mobile devices with Visa NFC app

Samsung to pre-load mobile devices with Visa NFC app

25 February 2013  |  12653 views  |  2 comments | 18 tweets | 11 linkedin
HTC and China UnionPay team on NFC handset

HTC and China UnionPay team on NFC handset

15 August 2011  |  7855 views  |  0 comments
China UnionPay overtakes Visa as world's biggest card scheme

China UnionPay overtakes Visa as world's biggest card scheme

12 August 2011  |  25921 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit wavestone-advisors.co.ukvisit www.response.ncr.comvisit www.www.fisglobal.com

Top topics

Most viewed Most shared
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
9344 views comments | 19 tweets | 38 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
8981 views comments | 10 tweets | 6 linkedin
hands typing furiouslyThe EU and blockchain: taking the lead?
7729 views 0 | 8 tweets | 7 linkedin
Mastercard eyes opportunities to profit from sharing economyMastercard eyes opportunities to profit fr...
7375 views comments | 6 tweets | 6 linkedin
Body blow for PayKey as Apple orders Westpac off its turfBody blow for PayKey as Apple orders Westp...
6980 views comments | 12 tweets | 14 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job