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Samsung Electronics starts NFC payment service in China

All Headlines 09:43 October 02, 2014

SEOUL, Oct. 2 (Yonhap) -- Samsung Electronics Co., the world's largest mobile phone manufacturer, said Thursday that it has started near field communication (NFC) payment service for its device users in China.

The company said it formed a partnership with UnionPay, China's sole bank credit card organization, for the service that is the first by a smartphone company in the world's second-largest economy.

The tieup with UnionPay, which controls 80 percent of China's offline payment market, is expected to give Samsung a head start in the mobile payment sector.

People using Samsung's latest Galaxy Note 4 phablet as well as the older Note 3 and Galaxy S4 smartphones can use the system.

UnionPay operates some 3.6 million NFC payment support readers in the country, allowing users to pay for a product by simply putting a mobile device or card near the terminal.

If UnionPay forms alliances with South Korean credit card companies, Chinese nationals will be able to use NFC services when they purchase goods and services in South Korea.

Besides the NFC system, the tech giant already launched its Samsung Wallet service in China early this year that lets subscribers with Samsung devices use proprietary software to manage various membership cards, coupons and tickets.

yonngong@yna.co.kr
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