Why Apple and Samsung have already lost the mobile payments war in China

If you’re a smartphone company – even a big, successful one – looking to get into the Chinese market with your own mobile payments system, here’s a piece of advice: don’t.

Over the last month, we’ve seen Apple Pay, Samsung Pay, and even Huawei Pay enter mainland China. There are reports that Xiaomi, ZTE, and Lenovo are working on their own services as well.

Who asked for these? Not ordinary people. Chinese phone owners themselves overwhelmingly use Alipay and WeChat Wallet, created by web giants Alibaba and Tencent, respectively. And for good reason. It’s more than brand loyalty or even convenience – they are genuinely better products than their competitors, with more advanced features and better incentives to keep coming back.

[Read on Tech in Asia]