Getting a foothold in the Asian payment market is a major deal for any company, and Samsung is taking a significant step in the right direction. Thanks to their mobile payment deal with Alibaba, the electronics giant can start to expand their presence in China.
One doesn’t simply become a significant part of the mobile payments industry in China, not even when the company name is Samsung. But thanks to their new partnership with Alibaba, that situation will come to change. After all, Samsung has been trying to become a major player in this market for several years now, and it has been an uphill battle so far.
Samsung Pay is the primary point of focus in this partnership, as it will become one of the many accepted payments methods through Alipay. Keeping in mind how this latter payment solution serves over 450 million active registered users, the news could have significant consequences for the adoption of Samsung Pay in China over the coming years.
At the same time, this new partnership brings more competition to Apple Pay as well. Despite gaining entry into the Chinese mobile payments market slightly ahead of Samsung Pay, the Apple counterpart has not seen any significant success so far. Now that the playing field has been evened, exciting things are on the horizon for Chinese consumers.
Although Alipay is facing a bit of a hurdle in their rapid expansion plans, the partnership with Samsung will push the service in the right direction again. Alipay wants to expand to the rest of Asia and Europe in the coming years, and having a valuable partner on board will go a long way in achieving that goal.
In the end, the consumers will be the ones reaping most of the benefits from this new partnership. Accessing an Alipay account through Samsung Pay becomes possible, which will hopefully push consumer sin the direction of the technology giant over time. Additionally, Samsung Pay doesn’t have to worry as much about regulation and legal waters thanks to this partnership, which is a positive long-term sign for this payment solution.
Source: CNBC
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