The launch means that Chinese owners of top-end Samsung handsets can link credit and debit cards from participating banks and make contactless payments by scanning their fingerprints. Samsung has lined up nine banks for the launch and says that another six are onboard to add support in the near future.
Samsung Electronics Co., Ltd. and China UnionPay (CUP) announced the launch of Samsung Pay in China. „A simple, safe and easy-to-use mobile payment service, Samsung Pay works virtually anywhere you can swipe or tap your card in China. Samsung Pay will enable users to safely manage and use their debit and credit cards on eligible Samsung mobile phones with CUP.” the press release says.
„We are pleased to be partnering with CUP to bring Samsung Pay to China,” said Injong Rhee, EVP and Head of R&D, Software and Services of Mobile Communications Business at Samsung Electronics. “The reception of Samsung Pay since its launch has been extremely positive and the service has already seen tremendous success in terms of availability and adoption by consumers. In compliance with national laws and regulations, we ultimately want to make Samsung Pay available to as many consumers as possible, so that everyone in China can have the opportunity to enjoy the simplicity, safety and convenience of our mobile payment solution.”
„China UnionPay attaches great importance to the security and innovation of payment. In order to follow the tendency of mobile payment in both China and abroad, CUP cooperates with industry to bring safe and convenient mobile payment experience for millions card holders. With the joint efforts of banks and Samsung, based on the safety testing and certification by relevant national testing agency, CUP QuickPass starting Samsung Pay service will bring users safer and more convenient mobile payment choice.” said Hu Ying, Assistant President of UnionPay.
Samsung Pay is currently available on the Samsung Galaxy S7, Galaxy S7 edge, Galaxy S6 edge+ and Galaxy Note5 in China with the opportunity to support additional mid-range models in the future. Availability may vary by country and region.
Samsung Pay currently supports select credit and debit cards from nine banks including China CITIC Bank, China Construction Bank, China Everbright Bank, China Guangfa Bank, China Minsheng Banking Corp. Ltd, China Merchants Bank, Hua Xia Bank , Industrial and Commercial Bank of China and Ping An Bank.
Samsung Pay will eventually include future support for select credit and debit cards from six additional banks including Bank of China, Bank of Beijing, Bank of Communications, China Bohai Bank, Industrial Bank and Shanghai Pudong Development Bank. Samsung Pay continues to strategically expand its partnership ecosystem to provide greater flexibility, access, and choice for customers.
„To make a payment with Samsung Pay, consumers simply swipe up from Home bottom, scan their fingerprint and pay, which is quite easy and convenient. In terms of security, Samsung Pay has three layers protection, which are fingerprint authentication, tokenization and KNOX. Because of innovative technology, Samsung Pay can be used on both QuickPass POS terminal with NFC and POS terminals without NFC technology, which is more accepted than other similar applications with only NFC technology.”, according to the press release.
Samsung Pay coverage
https://www.youtube.com/watch?v=LBjwdfJgQ0Q&width=500&height=350
The company is following Apple into China, which launched in the country earlier this year and also faces competition from local handset manufacturer Huawei, which has just rolled out its own NFC-based mobile payments service.
One advantage Samsung may have is that its service does not rely on NFC-enabled terminals, using magnetic secure transmission (MST) technology to turn existing mag-stripe readers into contactless receivers.
This has helped Samsung Pay pick up impressive momentum in South Korea and the US, winning five million registered users and processing over $500 million in transactions in its first six months. The service is slated to launch in Australia, Brazil, Singapore, Spain and the UK this year.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
