Samsung follows Apple in China.
Hot on the heels of Apple's partnership with China UnionPay, which promises to bring Apple Pay to millions of Chinese customers, Samsung also announced a similar alliance with UnionPay on Friday, which will usher the formalization of Samsung Pay into the country. Samsung Pay is a wireless payment service for Samsung devices.
According to Chai Hongfeng, Executive Vice President of China UnionPay, the bankcard association is committed to open cooperation with other parties in the industry, which provides more secure and more convenient products and services for consumers. Similar to Apple Pay, Samsung Pay will operate using UnionPay's QuickPass, a contactless payment feature akin to MasterCard's PayPass or Visa's payWave.
“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,” says Hongfeng.
A deal with UnionPay will benefit Samsung in many ways. The bankcard association has millions of users in the country and abroad. Samsung boasts that its payment service is more secure, thanks to the company's Knox defense-grade mobile security platform. Samsung hopes to roll out the service early next year, assuming that it passes the battery of tests.
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“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,” said Injong Rhee, Executive Vice President at Samsung Electronics.