Samsung Electronics’ mobile payment service Samsung Pay is evolving at a rapid pace. Samsung is speeding up its effort to launch Samsung Pay in China by adding a string of new functionalities and increasing the number of partners.
In the mobile payment market, the competition between Samsung and Apple is flaring up. Both companies are expected to compete in the world’s largest mobile market early next year.
Samsung plans to launch the sales of its low-cost smartphone Galaxy A Series (Galaxy A5-A7) in China within next week at the earliest. This is Samsung’s first low-cost smartphone model equipped with Samsung Pay functionality.
Thus far, Samsung has appointed the Samsung Pay feature only to its premium smartphone models such as Galaxy Note 5 and Galaxy S6 Series.
By offering Samsung Pay service through budget smartphone models with prices ranging between 300,000 won and 500,000 won, Samsung hopes to enhance its competitive edge against China’s local companies such as Huawei and Xiaomi. It is not yet fixed when Samsung will launch Samsung Pay service in China. To offer the service in China, Samsung needs partnerships with local financial institutions.
