Samsung Partners with Alibaba on Mobile Payments
OREANDA-NEWS. Samsung will partner with Alibaba's financial affiliate on mobile payments as the world's biggest phone maker looks to expand its presence in China.
The partnership will allow Samsung Pay, the electronics giant's mobile payment system, to work with Alipay, the payments affiliate of Alibaba, China's biggest e-commerce company, Samsung said in a statement late Thursday. Alipay has more than 450 million registered users in China, the company said.
The new partnership could give Samsung an opportunity to boost its sales in the massive Chinese market, where it's struggled to grow despite big ambitions there. Mobile has become a huge focus for Alibaba during the past couple of years, as more of its users are drawn to searching for products and making payments on their phones.
The partnership is expected to expand the reach of Samsung Pay, which has been available in China since March under a partnership with China UnionPay, the bank that dominates the interbank payment business in China. Apple Pay, the rival mobile-payments service from the iPhone maker, debuted in China a month earlier.
The partnership comes on the heels of Alibaba affiliate Ant Financial Services Group, which operates Alipay, closing a $4.5 billion funding round last month.