Apple Inc, will launch the entry of its electronic payment system, Apple Pay in China this week, February 18th. The service will be available to the customers of Industrial and Commercial Bank of China, one of China’s Big-Four state owned commercial bank.
According to Wall Street Journal, The Cupertino, based tech giant inked a deal with UnionPay, which holds a monopoly on bank-card payments in China, as well as with 19 Chinese banks. Apple has previously said that it would launch the payment system in China in early 2016.
With the launch of Apple Pay in Mainland China, the iPhone maker would be entering the market already dominated by electronic payments, pitting the company against the local players Alibaba Holdings and Tencent Holdings. There were more than 358 million Chinese, which conduct their payment online via mobile devices, according to 2015 figures from the official China Internet Network Information Center, which said more than 416 million Chinese made payments online.
Apple Pay enables users to pay for their purchases with its devices i.e. iPhones, iPads and Apple Watches, the devices can be use as payment medium by tapping them against scanners advertising Apple Pay or UnionPay’s QuickPass, a chip-based contactless payment service.
According to 9to5Mac, China will be the fifth country where Apple Pay market, after the USA where the service debuted in 2014, and then expanded to UK, Canada and Australia.
Copyright Business Recorder, 2016
Courtesy : BRecorder