Samsung Pay aiming for 50 per cent Asian market share

Maybe Samsung isn't doing all that great in the smartphones department, but it has high expectations from its mobile payment service being introduced in China early next year.

So high, in fact, that Hyundai Securities is predicting a 50 per cent market share in China, and a significant share globally, too. The news was first reported on by ETNews.

Samsung is expected to achieve this goal with the help of UnionPay and Alibaba. According to Sammobile, UnionPay controls 73 per cent of the Asian markets, and all the debit and credit cards issued by the company can be used in 150 countries and at 26 million affiliated stores.

Alibaba, on the other hand, controls 75 per cent of the Chinese e-commerce market.

Hyundai Securities estimates that some 200 millino Samsung smartphones will come with Samsung Pay preloaded next year.

“Because Samsung Pay has quickly settled itself in South Korea, it is expected that it will expand towards Chinese and the U.S. markets.” said Kim Chul-young who is a researcher for Hyundai Securities Co., Ltd. “Cellphone payment service businesses and module businesses will also benefit from this.”

This year, Samsung Pay was available on just four models: Galaxy S6, S6 Edge, S6 Edge Plus, and Galaxy Note 5. However Samsung Electronics is planning to apply Samsung Pay to inexpensive models too next year to quickly expand influence of Samsung Pay.

Those will include the Galaxy A5 (2016), and the Galaxy A7 (2016).