Apple Pay, Samsung Pay to duel in China next year

23 Dec 2015 | Author: | No comments yet »

Apple Inc partners with UnionPay to launch payment service in China.

SAN FRANCISCO: Apple announced a major partnership with China UnionPay on Thursday to put is digital wallet to work in the world’s most populous country.Apple announced today (Dec. 18) that its Apple Pay service will launch in China in partnership with UnionPay “as soon as early 2016.” UnionPay is a state-affiliated network that issues payment cards for the country’s domestic banks. Consumers in China are set to spend 9 trillion yuan (about $1.4 trillion) using mobile payment apps this year, according to iResearch, a research firm that tracks the country’s internet industry.

Apple launched its digital wallet last year in a move capitalising on the popularity of its mobile devices and taking on rivals such as Google and PayPal, which are also competing in the market. Both Alipay and WeChat Payments benefit from social features and other perks that come from being tied into their already popular shopping and chat apps.

The company’s revenue from “greater China” (which includes Hong Kong and Taiwan) has nearly doubled in one year, thanks to the iPhone 6’s popularity That’s because Apple is popular among the right group of consumers—rich people who spend a lot. While Apple Pay might never steal away Alipay users en masse, it’s the perfect tool for a day of luxury binge-shopping for China’s more status-conscious consumers.

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