Apple, Samsung Strike China Deals; Target Planning to Enter Crowded Mobile Payment Field
Dec. 21, 2015
Apple, Samsung and Target added to the mobile payment maelstrom late last week with separate announcements that each could affect the industry’s landscape. Apple and Samsung on Friday unveiled separate partnerships with China UnionPay that will bring Apple Pay and Samsung Pay to China. Apple had come to an agreement with the four major Chinese banks in November . But, the deal with China UnionPay will enable the “last mile.” Under the agreement, China UnionPay card holders will be able to provision their cards to their iPhones and Galaxy devices to make payments at NFC-equipped POS terminals in China.
Separately on Friday, a Reuters report indicated a mobile wallet from retailing giant Target, which would fragment an already crowded in-store mobile payment market even more, is in early development. According to sources in the report, the team developing the system favors scanning as the enabling technology—much like the version introduced by Target’s main competitor Walmart a little more than a week ago . The sources also said Target will partner with credit-card companies and could launch in 2016. Target, like Walmart was a founding member of the retailer-backed mobile payment initiative MCX and its CurrentC solution, which is being piloted in select stores.