Apple Stock News
Apple Pay, the software that allows users to pay with their bank accounts, credit and debit cards safely and securely through their apple devices is set to launch in China as early as this February.
Apple has already agreed to allow customers of the 4 biggest banks to link their accounts to Apple pay; however, there is a very strong regulatory environment and Apple has not officially agreed upon the terms with the governing bodies that oversee banking and e-commerce. Another main problem for Apple is the intense competition in China Alipay, The Alibaba Group’s electronic payment system currently has 45% of the market, and TenPay has aother 19% of the market. Bloomberg reported that apple has come to an agreement with UnionPay, China’s largest payment network, to process payments through Apple Pay. This will allow Apple to gain large access to Chinese market.
Apple Pay has not been particularly successful so far. Apple believes that success in the Chinese market will add a significant boost to their mobile payment system’s revenues, especially now that they are teamed up with UnionPay.
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