Samsung Pay, a mobile payment service, is now available in China. However, the company may find it difficult to dominate the Chinese market.

In its report, China Daily revealed that local companies which offer the same services are already well-established in the country, thus, making the entry of the South Korean company's payment facility challenging for Samsung Electronics Co.

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Another challenge that Samsung Pay might be facing in China is the fact that the American mobile giant's Apple Pay has established a partnership with local firm UnionPay, aside from coming in a month ahead of them.

It was noted, though, that if the electronic giant will be successful in capturing the Chinese market, it would be a great opportunity for them considering that it is the world's biggest smartphone market.

Among the wide users of online payment schemes in China, which Samsung Pay is trying to capture, are the e-commerce giant Alibaba Group Holding Ltd and WeChat operator Tencent Holding Ltd, the Beijing-based BigData Research shared. It was added that Alibaba, which is also known in the online shopping world, accounts for almost three-quarters of the market while Tencent has around 17 percent of the entire pie.

In the meantime, based on the data issued by the China Internet Network Information Center, it was learned that in the middle of last year, the country recorded a total of 359 million online payment users, up by 18 percent in just six months.

These online transactions, the report added, generated 9.3 trillion yuan ($1.4 trillion), showing an annual increase of 57 percent.

With Samsung Pay, China now has more options when it comes to mobile payment services.  

Tagschina, Samsung Pay, Samsung, mobile payment service