Apple, Samsung Agree With UnionPay for China Payments From 2016

23 Dec 2015 | Author: | No comments yet »

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

Apple Inc. and Samsung Electronics Co. reached separate agreements with China UnionPay Co. to introduce their competing mobile payments systems in the country next year.Apple is introducing its mobile payments platform, Apple Pay, in China early next year, a move that will significantly broaden the service’s audience.

Customers of UnionPay, China’s largest payment and clearing network, will be able to add their bank cards to iPhones, iPads and the Apple Watch for purchases through Apple Pay, the companies said in a statement. The twin deals allow the two biggest smartphone makers to take their competition in the nascent payments area to the world’s largest market, where they will compete with third-party service providers including Alibaba Group Holding Ltd. and Tencent Holdings Ltd. For foreign companies such as Apple and Samsung, China offers an opportunity to profit from a market where mobile-payment transactions jumped 134 percent to 22.6 trillion yuan ($3.5 trillion) last year, central bank data show. The deal may give a boost to Apple Pay, which lets users pay for goods by holding a mobile device near a credit card reader; Apple Pay can now support credit, debit, store and loyalty cards. Apple Pay utilizes near-field communication, which enables users to pay for purchases by tapping their phone or watch with stored bank-card information on a device at cash registers.

Internationally, many consumers are more habituated to mobile payments, especially in countries where smartphone usage became the norm first instead of PCs. Apple Pay charges 0.15 percent of the value of each purchase made through its system, out of the 2 percent fee paid by merchants in U.S., Caixin magazine reported in February. Like in this country the transition will take some time.” It’s unclear how many stores in China will accept Apple Pay when the service begins in early 2016. Alibaba’s Alipay affiliate controlled 83 percent of China’s third-party mobile payment market in 2014, while Tencent’s Tenpay service held 10 percent, according to market-research firm iResearch. Alipay allows its more than 400 million real-name registered users to make purchases from desktop computers, tablets and smartphones at more than 130,000 bricks-and-mortar merchants, according to its website.

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