Samsung Pay hits crowded market

South Korea's Samsung Electronics Co on Tuesday announced the launch of its mobile payment service in China, where it is likely to struggle in an already crowded market that archrival Apple Inc entered nearly six weeks ago.

The world's second-largest economy is also the world's biggest smartphone market, and Samsung Pay has a powerful partner in China - bank card provider UnionPay.

But unlike most other countries, mobile payment systems are already well-established in China, with local providers dominating the market.