Apple Stock News
After months of preparation and negotiations with Chinese banking authorities, Apple Inc. has officially launched their smartphone based payment system in China, making it the fifth market where Apple Pay is available. Apple Pay launched in 2014 in the United States, and his since spread international markets including Britain, Canada and Australia.
The electronic payment market is very popular in China; however, Apple will be competing with e-commerce giant, Alibaba Group, and their Alipay system, which currently holds the largest percentage of market share, with 270 million active users. Apple’s vice president of Apple Pay, Jennifer Bailey, told Reuters “we think China could be our largest Apple Pay market.”
Apple has teamed up with UnionPay, the company that is responsible for clearing operations between Chinese national banks, in order to roll out Apple Pay in China. Apple has also paired up with merchants such as McDonald’s, KFC and 7-Eleven, who will be supporting the service. This is huge move for expanding the Apple Pay Program, and it is believed that France will be the next market that Apple will enter.
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