Apple Pay might be rolling out in China next year, according to sources cited by the Wall Street Journal.
It isn’t the first time the rumor is making its presence felt. For a while now, many have speculated that the largest smartphone market in the world is the best place to ramp up efforts of taking a good market share. With the new speculation it seems the plans to introduce Apple Pay in China will be rolled out as soon as February 2016. The report comes from Dow Jones.
Apple’s strategy in China is yielding fantastic results. The year-on-year revenue has jumped 99 percent. The latest quarter saw a 12.51 billion dollars revenue from the Chinese market. Against this background, it makes sense that the Cupertino team is extending its service to the largest smartphone market in the world.
In May, Apple CEO Tim Cook declared that the tech company wanted to get Apple Pay in China. At the time, the Cupertino tech company was also in talks with Alibaba. However, no news have been released on the matter.
In September, Apple registered an entity within Shanghai. A chief of operations for Apple Pay China has also been named. In addition, Apple has been hiring more people for this team. Whether Apple Pay will fare well in China depends on the popularity of the service. The mobile payment service has serious competitors at the moment in Alipay and Tencent WePay. However, it never hurts to try. In addition to these swift moves from Apple, it also looks like the tech giant has sealed a deal with four major state-run banks in China. This would enable Apple users to link their bank accounts to Apple Pay.
Designed for secure mobile payments, the mobile payment service has a tight grip on iPhone 6 and above users. With NFC technology, payments become a really easy and secure task. Released in the US and other states as well, Apple Pay enjoys great support from banks.
Apple Pay might be rolling out in China next year, and in a timely fashion. Globally, Android Pay and Samsung Pay are also moving on for their share of the market. Mobile payment services have been re-created as a tool to build consumer loyalty.
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