Apple Pay Ready to Launch in China
(China eCommerce, Doing Business in China, Marketing in China)
Apple Pay Coming soon to China
China has become a critically important market for Apple. Now Apple is selling more iPhones in China than in the U.S.
According to official media, Apple quietly registered a payment business, named Apple Technology Service (Shanghai) Ltd., in Shanghai pilot free-trade zone back on June.10.
Its business operations include technical consulting, services and system integration in the field of payments, the database showed.
Though Apple still has to line up banks and stores, the groundwork is now in place.
If all goes well, it should be soon before tapping your iPhone will buy goods in first-tier cities in China.
Who are major rivals to Apple Pay
It makes sense for Apple Pay to expand into China taking the advantage of the huge number of iPhone users.
however it will face a number of challenges.
Apple Pay works on a technology known as near-field communication (NFC), a wireless system that allows people to pay with credit cards linked to their smartphone by tapping the device on a reader.
In China, UnionPay, a state-owned credit and debit card operator, dominates the processing of payments made by NFC. UnionPay sets the transaction fees, which could be a potential hurdle for Apple in China.
China is the market where electronic payments are already deeply entrenched.
Chinese consumers use mobile apps like Alipay and WePay to pay for everything from groceries to taxi rides to movie tickets.
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