Mobile payments have become the talk of today as each and every major company strives to make its mark in the young industry.
Apple are among the many companies fighting for the same market with its Apple Pay mobile payment platform. This service competes with others such as Samsung Pay and Android Pay, all of which have yet to hit theproper ground since their launch.
In September this year, Apple established an Apple Pay entity in China and based it in the Shanghai free-trade zone, a move that hinted at the Cupertino’s plans for launching this mobile payment platform in the world’s most populated country.
According to the latest revelations coming in from the Wall Street Journal, Apple will soon be launching Apple Pay in China, but locals will have to wait until February next year before they can start using this service. More information from these reports says that the Tim Cook-headed company has already secured deals with four of the largest banks in the country with an aim of offering full support to this program.
Huge potential for Apple Pay
Apple revealed that China is the second leading income generator after the U.S. when it comes to iOS devices and the iTunes App Store. This is good news for the company, and now that it is rolling out support for its much-hyped mobile payment service to this region, it will even serve to add more users to the platform. If this move succeeds, we might even end up seeing China overtake the U.S. when it comes to Apple’s income sources.
As of now, Alipay is doing all the talking when it comes to mobile payment in China. This service Alibaba-owned and it is currently used by millions of people in this country. There is also another way of doing things with the help of the most popular messaging app in the country – WeChat. According to latest reports, WeChat payment might soon be toppling the most used platform, Alipay; however, it will have to watch out for Apple Pay.
Apple Pay is expected to be ready for use in China before the country goes into celebration mode when the Spring Festival Holiday kicks in starting February 8.
While it has previously been speculated that Apple is working on a partnership deal with Alipayto speed up the rollout process of its service, however, it seems won’t materialize. Apple has yet to be approved by the governing regulatory body, but the CEO is adamant that Apple Pay will be a major hit in this Asian region.
In addition to the U.S., Apple Pay is also available in Australia, Canada and the UK.