Tag: wechat

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.

Mobile commerce surges in China during the Lunar New Year

New Year’s celebrations lead to more mobile spending throughout China

The Lunar New Year has come and gone and mobile commerce surged during the Chinese holiday. During the Lunar New Year, those living in China send one another traditional red packets, called hong bao. These red envelopes typically contain money and is something that many people look forward to receiving every year. With the emergency of mobile technology, the way people give hong bao to one another has changed, which has been good news for mobile commerce in general.

Payment platforms enable consumers to send and receive hong bao efficiently

Both WeChat and Alipay enable people to deliver hong bao cards to one another. Both platforms have become very popular in China, as they allow people to make purchases and send money to others. These two platforms have allowed mobile shopping to thrive in China and have given their owners, Tencent and Alibaba respectively, a competitive edge over those that would try to enter into China’s mobile commerce market. During the Lunar New Year, the platforms proved to be particularly effective in serving mobile consumers.

The number of hong bao being send through mobile services continues to rise ad mobile payments become more common

Chinese New Year - Mobile CommerceAccording to Tencent, more than 8 billion hong bao cards were exchanged during the Lunar New Year. This is eight times more than the number of hong bao that were sent last year. This is actually a trend that has been seen over the past few years. More consumers are becoming mobile-centric, which is making them more comfortable with the concept of mobile payments and how their devices can be used to connect with one another.

China continues to be an attractive mobile commerce market for many

This year, the hong bao may highlight the growing importance of mobile payments systems, as well as their value. During the third quarter of 2015, China’s mobile commerce space was valued at approximately $368 million. The country is considered the fastest growing mobile payments market in the world, attracting the attention of other companies that are in this sector.