Samsung Wallet taps Tencent to expand payments in China

What happened: Samsung Electronics signed a memorandum of understanding with Tencent and Woori Bank in Shenzhen to enable QR code payments in China through Samsung Wallet Money, letting Korean users pay via WeChat Pay without a separate Chinese payment service. Key numbers: Rewards of 0.3 percent of each in-store purchase with no cap; no foreign transaction fees; credit card payments planned for the first quarter Why it matters: The service removes the need to register for a separate Chinese payment platform, and Samsung plans to extend NFC contactless payments to other overseas markets.

Samsung Electronics signed a memorandum of understanding with Tencent and Woori Bank in Shenzhen to enable QR code payments in China through Samsung Wallet Money, letting Korean users pay via WeChat Pay without a separate Chinese payment service.

The service removes the need to register for a separate Chinese payment platform, and Samsung plans to extend NFC contactless payments to other overseas markets.