UnionPay and Samsung collaborate to launch NFC based payments in China

Phone

ZDNet is reporting that UnionPay has launched NFC based payment service in China in a collaboration with Samsung. UnionPay, also known as China UnionPay (CUP), is China's only domestic bank card company with around 80 percent market share in offline payment. UnionPay users can immediately start using the NFC based payment service after they save the card information through UnionPay's mobile application. There are over 3.6 million Samsung smartphones in China with NFC connectivity, including the Galaxy Note 4, the Galaxy Note 3, and the Galaxy S5. So, Samsung is expecting a large slice of revenue through this collaboration, though they have declined to comment on the commission rates.

According to a research by the Samsung Economic Research Institute, when card companies collaborate with smartphone vendors, the card company will receive a smaller commission when compared to credit cards. However, the widespread usage of mobile phones means worthwhile returns for both, the card company and the mobile phone vendor.

“We'll cooperate more with UnionPay, not just for NFC payment, but all financial services that use a mobile device“, said a spokesperson from Samsung.

Source

Asif Iqbal Shaik - Senior Editor

[email protected]

First Samsung device: T100

Asif is a computer engineer turned technology journalist. He has been using Samsung phones since 2004, and his current smartphone is the Galaxy S21 Ultra. He loves headphones, mechanical keyboards, and PC hardware. When not writing about technology, he likes watching crime and science fiction movies and TV shows.

Phone NFC Payments UnionPay

UnionPay and Samsung collaborate to launch NFC based payments in China

Asif Iqbal Shaik - Senior Editor

[email protected]

First Samsung device: T100

You might also like

Android 15 could enable wireless charging over NFC

Galaxy Watch 6 supports Tap & Pay in India via Samsung Wallet

January 2023 update fixes Samsung Knox and Secure Folder flaws

Future Samsung phones could let you charge devices through NFC