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After Apple Pay, Samsung Pay s China's UnionPay: Report

After Apple Pay, Samsung Pay s China's UnionPay: Report 505v4o

By Indo-Asian News Service | Updated: 18 December 2015 15:33 IST

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South Korea's top tech firm Samsung Electronics Co. on Friday ed China's credit card operator UnionPay Co. to promote mobile payment system in the Chinese market.

Under the deal, the two firms will aim to release Samsung Pay in the first half of 2016, Yonhap news agency reported. 1637l

Samsung Pay s magnetic secure transmission (MST) technology that works on traditional credit card machines.

Like rivals Android Pay, it also s near field communication (NFC) technology that requires a separate transaction device.

(Also see: Apple Pay to Launch in China in Early 2016)

The company plans to commence the service as soon as the Chinese government finishes its certification processes.

In July, Samsung Pay also clinched a deal with MasterCard Inc. to pave the way for the platform to be used in all European countries.

Samsung Electronics currently plans to secure 170 million s of Samsung Pay by 2020.

In line with the efforts, Samsung released the new Galaxy A budget smartphones this month that ed Samsung Pay. Previously, the services were available for only high-end models.

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After Apple Pay, Samsung Pay s China's UnionPay: Report 505v4o

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