Smartphone rivals Apple and Samsung Electronics are mounting a challenge to Alibaba’s dominance of China’s emerging mobile payment market, after announcing co-operation deals with Chinese bank card network UnionPay.
In twin announcements on Friday, the two companies said they hoped their respective payment systems would be compatible with UnionPay’s 5bn issued cards early next year, subject to regulatory approval.
Apple said that 15 Chinese banks had agreed to make their cards compatible with Apple Pay, including leading lenders Agricultural Bank of China, Bank of China, China Construction Bank and ICBC.
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