First, Samsung Pay spreads the NFC and MST-enabled mobile transaction love to the world’s single largest smartphone market, attempting to hinder Apple Pay’s rising regional popularity. Of course, both Western-prominent services need to chip away at the early domination of indigenous on-the-go payment solutions from Alibaba and Tencent.
Just like its US-based archrival, Samsung partnered with UnionPay to secure support for nine major Chinese banks, which will be followed by six more at an unspecified time in the near future.
These are CITIC Bank, China Construction Bank, Everbright, Guangfa, Minsheng Banking Corp. LTD, China Merchants Bank, Hua Xia Bank, Industrial and Commercial Bank of China and Ping An Bank, plus Bank of China, Bank of Beijing, Bank of Communications, Bohai Bank, Industrial Bank and Shanghai Pudong Development Bank eventually.
Pretty robust list at a first glance, though technically, Apple touted “support from 15 of China’s leading banks” off the bat. Then again, only one of the two apps works at traditional NFC-lacking POS terminals, and it’s not Cupertino’s baby.
Samsung obviously doesn’t forget to stress that aspect in its latest press release, claiming “Samsung Pay works virtually anywhere you can swipe or tap your card in China.” It’s got three layers protection too, including fingerprint authentication, tokenization and KNOX, but sadly, merely functions with the Galaxy S7, S7 Edge, S6 Edge+ and Note 5 in the “Middle Kingdom.” Your move, Android Pay.
Source: Samsung Newsroom