Apple Pay in China is HERE!
Apple Pay officially launched in China mid-February, the fifth country it has entered and Apple’s second biggest market by revenue (after the US). As a mobile payments system Apple has had huge success in its other markets, the US, UK, Canada and Australia, but is likely to find it far more difficult to gain traction in China’s 90 billion dollar mobile payments market where Alipay and Wechat Wallet already have huge market share. One advantage Apple has is smartphone market share, with about 30 percent of the market.
Apple has partnered with Union Pay, which gives a potential 260 million users, and the company hopes that its fingerprint identification technology will prove popular with a population that is becoming increasingly concerned with security. In Dongguan at least, Apple Pay is already being used, such as at English pub, One for the Road.
It had been widely reported that Apple CEO Tim Cook met with Jack Ma late last year to discuss ways for Apple and Alipay to work together, but the meeting did not bear fruit. If history tells us anything about foreign tech battling it out with home grown companies, Apple might just be on a hiding to nothing. As ever, time will tell.