Samsung Wallet to Add WeChat Pay in Push Into China’s Payments Market
Summary
- Samsung Electronics said it will team up with Tencent to expand in the overseas QR payments market.
- Samsung Electronics and Woori Bank plan to sign a memorandum of understanding with Tencent later this month to introduce a QR payment system.
- The companies aim to expand their market presence by linking Samsung Wallet Money to Tencent’s WeChat Pay QR payment system.
Samsung Electronics Co. is teaming up with Tencent Holdings Ltd. to expand in the overseas QR payments market. The company aims to broaden its presence in China and Southeast Asia, where QR payments are widely used.
Samsung Electronics and Woori Bank are scheduled to sign a memorandum of understanding with Tencent later this month to introduce a QR payment system, according to industry officials on Oct. 13. The centerpiece of the agreement is to link Samsung Wallet Money to the WeChat Pay QR payment system operated by Tencent. Samsung Wallet Money is a prepaid easy-payment service launched jointly by Samsung Electronics and Woori Bank. Users can link a Woori Bank account to Samsung Wallet, load a set amount of money and make payments without a physical card.
Won Jong-hwan, Hankyung.com reporter won0403@hankyung.com
Korea Economic Daily
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