Apple and Samsung to roll out China mobile payments, but Alipay stands in the way

Two phone giants have announced they will roll out mobile payments services in China in 2016.

Both Apple and Samsung made announcements on Friday that they will bring their mobile payment services — Apple Pay and Samsung Pay — to users in the world's most populous country.

To make this happen, they've inked separate deals with China UnionPay, the country's interbank network, so their services will be extended to account holders with most of the banks in the country.

UnionPay also has a reported 5 million contactless point-of-sale payment terminals in China, so Samsung phones and Apple iPhones newer than the iPhone 6 are likely to work with them. Read more...