Apple Pay Will Finally Launch in ChinaAdded: Thursday, February 18th, 2016
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, www.extratorrent.cc, 2016
Apple announced that its own mobile payment system is ready to launch in China for Industrial and Commercial Bank of China (ICBC) customers. The plans of the company were to launch in the country in early 2016, making China the 5th country with Apple Pay and accelerating development of a new revenue stream. It is known that ICBC is China’s biggest lender by assets.
The bank also announced the projected launch, set to be joined by a raft of peers: in fact, Apple’s China website lists 19 Chinese lenders as official Apple Pay partners. In the meantime, local media reported 2 other lenders would also launch Apple Pay in February 2016.
It is not surprising that China became the 5th market for Apply Pay, as the country is Apple’s second largest market by revenue. However, Apple has to admit that it faces an uphill battle to match the prowess quickly in mobile payments. Apple Pay faced skepticism from retailers even in its home market, but in China its problem will be how to compete with dominant and entrenched players that serve shoppers well used to paying for goods and services with their handsets.
It is not a secret that China is the biggest smartphone market in the world, and by the end of last year, 358m people in the country had already taken to paying by mobile phone. The most popular providers are social networking and gaming firm Tencent Holdings Ltd (WeChat Payment) and e-commerce company Alibaba Group Holding Ltd (Alipay).
Aside from China, Apple Pay has also struggled to gain traction with banks in some other countries. For example, in Australia the 4 main banks are holding out against the new entrant, while in the UK Apple faced resistance from big banks over fees before relenting.
Thursday, February 18th, 2016No comments
Most Popular Stories