Today, Samsung announced that its mobile payment platform — Samsung Pay — is now available in China, through partnership with China UnionPay (CUP). Both Apple and now Samsung are partnering up with China UnionPay (CUP), which is said to handle most card transactions in the country.
Samsung Pay is currently available on the Samsung Galaxy S7, Galaxy S7 edge, Galaxy S6 edge+ and Galaxy Note5 in China with the opportunity to support additional mid-range models in the future.*
Samsung Pay currently supports select credit and debit cards from nine banks including China CITIC Bank, China Construction Bank, China Everbright Bank, China Guangfa Bank, China Minsheng Banking Corp. Ltd, China Merchants Bank, Hua Xia Bank , Industrial and Commercial Bank of China and Ping An Bank.
Samsung Pay uses MST (Magnetic Secure Transmission) making the service compatible with older POS machines that feature a magnetic card swiper. Samsung purchased LoopPay in early 2015 and has incorporated their technology into their flagship phones. Samsung Pay protects its users with three layers of protection: fingerprint authentication, tokenization, and KNOX. Users can swipe up from the home button at any time to initialize a payment.
Samsung Pay is said to support 6 more banks in the future: Bank of China, Bank of Beijing, Bank of Communications, China Bohai Bank, Industrial Bank, and Shanghai Pudong Development Bank.
What are your thoughts about Samsung’s announcement? Let us know by leaving your comments down below or on Google+, Facebook, or Twitter.Source: Samsung