Apple Pay will be in China, but…

Apple Pay

Apple has struck a long-awaited deal with UnionPay and 15 Chinese banks to launch its mobile payments service in China. The tie-up will allow Apple to tap UnionPay’s 5 billion issued cards, which are accepted across China and in more than 150 countries… However, the mainland rollout of Apple Pay is still awaiting regulatory clearance… The app, powered by a secure chip inside the device, allows customers to pay at participating retailers by holding their thumb on the iPhone’s home button and tapping it at the checkout. It also works with Apple Watch and within apps for Apple’s smartphones and tablets. China is a vital market for Apple at a time when growth has slowed in other parts of the world… Chinese consumers used their smartphones to make $3.5 trillion worth of transactions last year but the market is dominated by Alibaba’s Alipay and Tencent’s Tenpay.

 

Tim Bradshaw

Food4Brains

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