Samsung Pay Continues Global Momentum in 2016

They company is hoping that Apple Pay will lead to a solid new revenue stream and so it has officially expanded the mobile payment system to China.

The performance is much stranger than expected, as many users rushed to add their bank cards to Apply Pay on their mobile devices.

Apple Pay is easy to set up and users will continue to receive all of their card rewards and benefits.

But despite the high profile of the iPhone brand in China, even Apple will find it hard to eat away at Alibaba and Tencent – local Chinese applications have repeatedly confounded efforts by global brands to take over the market, especially when it comes to shopping and paying. And while Apple doesn’t disclose metrics around its mobile payment service, it’s estimated that 3.6 million people have used Apple Pay at least once. Apple However has a strategy that involves a partnership with a bankcard association known as UnionPay.

The number of iPhone users compatible with Apple Pay is estimated to be around dozens of millions in China, according to media reports.

NFC, or Near Field Communications, was introduced to the Android platform in mid-December 2010 as it was included into the Samsung-built Google Nexus S.

In a statement given to WWD, Andrew Keith, president of Lane Crawford, said, “We are very excited to be among the first retailers to launch Apple Pay in China“.

In 2015, Alipay held a 72.9 percent share in China’s third-party mobile payment market, with Tenpay taking 17.4 percent, according to data from bigdata.research.cn.

Samsung Pay, first released in South Korea and the United States past year, boasts around 5 million users.

Chiang Jeong-wen, a professor of marketing at the China Europe International Business School, remains skeptical.

Apple’s system will allow UnionPay cardholders to make payments at retail stores via Apple iPhones and Apple Watches. In doing so, consumers can leverage the Samsung Pay Fingerprint Authentication to pay for goods and services online. Apple has so far only listed 16 companies as accepting Apple Pay in China, though these are big names like 7-Eleven, McDonalds and Carrefour.