Samsung Expands Overseas Payment Services with WeChat Pay in China

Samsung Electronics is expanding its overseas payment services for 'Samsung Wallet Money' in partnership with WeChat Pay, China's largest mobile payment service. Galaxy smartphone users visiting China will soon be able to make payments using Samsung Wallet without needing to install a local payment app.

On October 26, Samsung Electronics announced that it signed a memorandum of understanding (MOU) at Tencent's headquarters in Shenzhen, China, with Tencent and Woori Bank to support the overseas payment service for 'Samsung Wallet Money.' The signing ceremony was attended by Chae Won-cheol, Vice President and Head of the Digital Wallet Team at Samsung Electronics' MX Division; Daniel Hong, Vice President of Tencent's Financial Technology Division; and Jeong Jin-wan, President of Woori Bank.

Under this agreement, Samsung Wallet users in South Korea will be able to use 'Samsung Wallet Money' for QR payments at WeChat Pay merchants throughout China. Users can generate a payment QR code within the Samsung Wallet app to show to store staff or scan a QR code displayed in the store.

Samsung Wallet Money is a prepaid payment service provided in collaboration with Woori Bank. In China, QR payments are widely used in daily life, including at restaurants and convenience stores, enhancing local payment convenience.

Notably, users can utilize the service without incurring overseas payment fees and can earn Samsung Wallet points equivalent to 0.3% of the offline payment amount with no limit on accumulation. Samsung Electronics, Tencent, and Woori Bank plan to expand QR payment methods to include credit cards in China by the first quarter of next year.

Samsung Electronics will also launch contactless payment services for Samsung Wallet Money at overseas NFC payment merchants, allowing users to make payments by tapping their smartphones on payment terminals, thereby broadening the support for both QR and NFC-based payments.

Chae Won-cheol stated, "With our partnership with Tencent and Woori Bank, we have extended the convenience of Samsung Wallet Money, which has been validated in South Korea, to overseas markets. We will continue to work closely with global partners to provide optimized payment experiences tailored to local needs."