Samsung Pay to launch in China as company signs deal with card-processor UnionPay.
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. UnionPay has a monopoly in China on payment terminals.
Executive Vice President at Samsung Electronics, Injong Rhee, said “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”.
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.
Samsung and Apple still need the Chinese government to approve the scheme in order to operate their mobile wallet services in the country. 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.
In the USA meanwhile, Samsung has just added support for 19 more cards to Samsung Pay.
Larry Banks is a keen follower of technology and finance. He has worked for a variety of online publications, writing about a diverse range of topics including mobile networks, patents, and Internet video delivery technologies.