Apple Pay, Samsung Payment Options Coming to China in Early 2016

Consumers in China will have two more electronic and mobile payment options in 2016, as Apple's Apple Pay and a similar solution from Samsung have received approval to begin operating here.

Apple is teaming up with China UnionPay to bring Apple Pay here. Based on iPhones, iPads, and Apple Watches, Apple Pay is linked to a bank card and activates when a payment processor is nearby and a transaction is desired, using near-field communication. The user then types in a PIN or uses a fingerprint to authorize payment – that's it. There's no scanning or sending like on WeChat Wallet or Alipay. Apple didn't give a specific date when it expects the service to appear, although it will most certainly want it to debut in time for Spring Festival on February 7.

Samsung Pay, same deal, partnered with UnionPay, looking at early 2016 roll-out. Samsung Pay is able to utilize more common magnetic-stripe POS machines, so its arrival may be a bit quicker.

Unlike the China payment options, such as Alipay or WeChat, neither Apple Pay nor Samsung Pay at present facilitate person-to-person transactions, like money transfers.

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