Tag: china mobile payments

Samsung’s mobile payments service has officially launched in China

Samsung brings its payment platform to China

Samsung Pay has officially launched in China with the aid of China UnionPay, one of the country’s largest banks. The mobile payments service has been tested somewhat extensively in South Korea and other markets, where it has found modest success. Samsung believes that the service will find a foothold in China, as many consumers are mobile-centric and interested in using their devices to shop for and purchase products.

Several companies are flocking to China to find success in mobile commerce

Samsung is the latest company to break into China’s mobile commerce market. This market has been growing quickly over the past few years, with several organizations working to find success in this sector. Companies like Apple have also come to China in order to make mobile payments more accessible to consumers. While foreign companies may see promise in the Chinese market, they may find it difficult to find the success they so desire. This is because of the massive companies, like Alibaba and Tencent, that have already established a foothold in the mobile payments space.

Samsung may find it difficult to compete with well established services

Mobile Payments - Samsung Pay Launched in ChinaBoth WeChat and Alipay have become extremely popular among consumers in China. These services also have the support of prominent financial institutions, giving them the ability to connect with a wide variety of consumers throughout the country. Samsung and Apple lack this well established support, though they are backed by some of the country’s major banks. As such, they may find it difficult to promote their services over those being offered by larger players in the mobile commerce space.

Security features may allow Samsung Pay to find a foothold in China

Samsung Pay may find support among consumers because of its security features. Security, or lack thereof, has been a major concern for many consumers, which has prevented them from participating in the mobile payments space. Samsung Pay features support for a fingerprint scanner, which can be used to authenticate a transaction. This makes the service somewhat more secure than its competitors, though more companies are beginning to use biometric technology in order to make consumers comfortable with the idea of mobile payments.

Focus on security may ensure growth of China’s mobile payments space

Security is becoming a top priority for those involved in mobile payments

China’s mobile payments sector saw dramatic growth in 2015, and this momentum may hold throughout this year. The country’s mobile technology sector has been developing very quickly, with new devices becoming available and access to the mobile Internet expanding. As more consumers gain access to smartphones, they are beginning to rely more heavily on mobile payments services. As these services become more popular, China’s regulators are beginning to focus on security issues in order to ensure the continued growth of mobile commerce.

China’s mobile population is growing quickly

The Chinese Ministry of Industry and Information Technology notes that there are more than 1.3 billion people in China with a mobile device. Many of these consumers are using their mobile devices to shop online and in physical stores. The problem, however, is that the mobile payments sector is becoming increasingly attractive to malicious groups that want to exploit consumer information. Security risks are causing concern among consumers, making them shy away from mobile payments services.

Focus on security may make consumers more comfortable with mobile payments

Mobile payments securityA greater focus on security may ensure the continued growth of the mobile payments industry by making consumers more confident in the services they use. To ensure security, some companies involved in the mobile commerce space are beginning to use new technology to protect consumers. Biometric technology, in particular, is becoming quite popular among these companies. This technology leverages biological information, such as a fingerprint, to protect consumer information that is stored on a mobile device.

Bringing mobile payments platforms into new service industries has become a priority

Beyond security, Chinese companies must find ways to integrate mobile payments into other service industries. This would ensure the expansion of the payments market and give consumers more access to platforms they may be interested in. As more organizations support mobile payments, both digital and physical, more consumers are likely to participate in this new form of commerce. Alibaba is expected to lead the expansion of mobile payments into new service industries with its Alipay platform and its focus on consumer security. Alipay accounts for some 400 million registered users, more than half of whom use the service quite frequently.