Checkout Crowd Grows for Mobile Pay Market

(Beijing) – China UnionPay, the nation's state-backed bank card operator, plans to team up with smartphone makers including Apple Inc. and Samsung Electronics Co. to challenge Internet giants Alibaba Group Holding Ltd. and Tencent Holdings Ltd. in the fast growing mobile payment market.

Although negotiations over potential profit-sharing and technical issues were continuing in mid-January, UnionPay signaled its confidence on December 18 by formally announcing mobile payment service partnerships with Apple and Samsung.