Samsung Pursues China's Mobile Pay Market Via China UnionPay

By John Adams

Published October 03, 2014, 11:19 a.m. EDT

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Updated October 03, 2014, 10:19 a.m. EDT

1 Min Read

Mobile handset manufacturer Samsung is tossing its hat into the mobile payment market in China, which is in its early stages but offers substantial opportunity.

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Consumers using Samsung's Galaxy Note 4 phablet as well as the Note 3 and Galaxy S4 smartphones will be able to use their phones to pay with virtual China UnionPay cards at about 3.6 million NFC terminals in China, reported ZDNet's local affiliate in South Korea.

China is a relatively new market for mobile payments, but adoption is starting to increase.

China UnionPay, which has one of the world's largest payment networks, is also rapidly expanding its reach through a series of partnerships. UnionPay has more than 4 billion cards in circulation, according to UnionPay's statistics, and its $2.5 trillion in transactions over the first half of 2013 placed it second globally to Visa's $4.6 trillion.

Samsung's other payment initiatives have included a digital wallet that operates similar to Apple Passbook.

Executive Editor, Payments

John Adams is executive editor of payments for American Banker. John interviews top executives in the payments, cryptocurrency and fintech... Read full bio

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