BUSINESS

Samsung kicks off mobile payments in China

By KH디지털2
  • Published : Mar 29, 2016 - 13:17
  • Updated : Mar 29, 2016 - 13:17

Samsung Electronics said Tuesday it has launched its mobile payment service Samsung Pay in China, speeding up efforts to expand the scope of its flagship mobile payment platform.

The Korean tech giant said Chinese users of high-end Galaxy smartphones can now use Samsung Pay in cooperation with China-based bank card giant UnionPay.

A model demonstrates Samsung Pay (Yonhap)

The mobile platform supports magnetic secure transmission technology that works on traditional credit card machines. Like rivals Apple Pay and Android Pay, it also supports near field communication technology that requires a separate transaction device.

Users of UnionPay debit and credit cards can now use Samsung Pay-equipped smartphones to make purchases, including the Galaxy S7 and Galaxy S7 Edge just released earlier this month.

Samsung Pay joined forces with nine major Chinese banks, while six more partners will be added in the near future, Samsung added.

Samsung said it will also make efforts to roll out more devices that support its mobile payment platform.

Samsung Pay, first released in Korea and the United States last year, currently boasts around 5 million users. Samsung said last month it is also preparing to launch in Australia, Brazil, Spain and a handful of other countries. (Yonhap)