Samsung Electronics is introducing QR code payments in China through Samsung Wallet Money, allowing Korean users to use WeChat Pay without setting up a separate payment service.
The company signed a memorandum of understanding with Tencent and Woori Bank at Tencent's headquarters in Shenzhen, China, on Monday. The signing ceremony was attended by Chai Won-cheol, vice president and head of Samsung Electronics' Digital Wallet Team under its Mobile eXperience Business; Daniel Hong, vice president of Tencent's financial technology division; and Jeong Jin-wan, president of Woori Bank.
Samsung Wallet Money, a prepaid payment service developed with Woori Bank, allows users to load funds, make payments and earn rewards through the Samsung Wallet app.
Under the partnership, Korean Samsung Wallet users will be able to pay at merchants across China that accept WeChat Pay, using either a QR code displayed on their phones or one scanned through the app.
The service eliminates the need to register for a separate Chinese payment platform. It charges no foreign transaction fees and offers Samsung Wallet points equivalent to 0.3 percent of each in-store purchase, with no cap on rewards.
The three companies plan to expand QR code payments in China to credit cards in the first quarter of 2027, broadening payment options beyond the prepaid service.
Samsung Electronics also plans to introduce near-field communication, or NFC, contactless payments in other overseas markets, allowing users to pay by tapping their smartphones at compatible terminals.
"Through our trilateral partnership, we have extended the convenience of Samsung Wallet Money, proven in Korea, to overseas markets," Chai said. "We will continue working closely with global partners to deliver payment experiences tailored to local markets."
jyoungseon8@heraldcorp.com
