Samsung Pay is being marketed quite aggressively, and Samsung announced last week that its mobile payment solution will debut in China in early 2016. Now, it is being expected that Samsung Pay might acquire almost 50 percent of market share in Asia, thanks to its partnership with UnionPay.
According to ETNews, Hyundai Securities is predicting that Samsung Pay will quickly seize the global mobile payment market starting from the US and China, and that it’s market share will reach 49 percent in Asia. China’s Alibaba and UnionPay are helping Samsung in launching its mobile payments solution in the continent.
UnionPay controls 73 percent of the Asian markets, and all the debit and credit cards issued by the company can be used in 150 countries and at 26 million affiliated stores. Moreover, 52 percent of the cards issued worldwide last year were by UnionPay. Samsung chose to work with Alibaba in China as it controls around 75 percent of the countries e-commerce market.
Samsung has released four smartphones this year – the Galaxy S6, the Galaxy S6 edge, the Galaxy edge+, and the Galaxy Note 5 –that are compatible with Samsung Pay. The company has also announced new mid-range smartphones like the Galaxy A5 (2016) and the Galaxy A7 (2016) that support Samsung Pay, but they will be available starting next year.
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