Apple Pay takes another step toward a launch in China

Apple Pay takes another step toward a launch in China
Amid forecasts of strong growth in mobile payment services in Asia, Apple could be closer to a launch of Apple Pay in China. Earlier this year, we told you that Apple was negotiating with China UnionPay, the lone bank in China that deals with interbank payments. The bank was hung up on the prospect of paying Apple the small percentage of each transaction that it earns when a consumer uses Apple Pay. The tech titan has also been talking to Chinese e-commerce firm Alibaba about helping Apple Pay launch in China. Alibaba's own Alipay has over 400 million users.

Back in June, Apple registered a new corporate subsidiary in Shanghai's free-trade zone named Apple Technology Service Shanghai Ltd. According to the Shanghai database, this company is involved in "technical consulting, services and system integration in the field of payments." Most analysts agree that this is the corporate structure Apple is using for its mobile payment service in China. Even after talking to Alibaba and major financial institutions, for Apple Pay to become available to consumers in China, the country's central bank will most likely have to sign off on it.

Outside of the U.S., Apple Pay is offered only in the U.K. Canada and China have both been rumored to be among the next countries to receive the service, with Apple CEO Tim Cook making a concerted effort to have Apple Pay launched in China.

Thanks for the tip!

source: DowJones

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6 Comments

1. Zylam

Posts: 1817; Member since: Oct 20, 2010

Oh no its apple. Cue the usual apple must die comments. The android crowd that is personally affected by random strangers they have never met, buying and enjoying their devices with their money. Bashing aside, what on earth is taking apple so long to lunch apple pay in Australia? We've had NFC terminals years before America.

2. Ahovking

Posts: 711; Member since: Feb 03, 2015

Because NFC terminals have been in Australia for so long now the big 4 banks want to dominate the NFC business with their own payments..and as far as i am aware, they 1) don't want more competition and 2) they want Apple to share a high rate of profits, Apple is offering the same amount they offered to the US and Europe Banks, but our banks are refusing, wanting a larger share.

5. Zylam

Posts: 1817; Member since: Oct 20, 2010

Ahhh I see your point, so it's the banks that are holding up the deals.. I'm not to sure if we can blame them, apple is known to be pretty bullish.. Hopefully they figure something out soon! Can't wait to drop my plastic card for good!

3. rd_nest

Posts: 1656; Member since: Jun 06, 2010

So you are complaining about android fans whole complain about apple. irony is that you made the first comment in this article, and nobody actually is saying anything bad about Apple here

4. Zylam

Posts: 1817; Member since: Oct 20, 2010

I was making fun of Android fans who are somehow personally affected by random strangers that use apple, anyone with basic humor understanding can see that. Well duh if I'm the first commentor, how on earth would there be and other comment.. See the "Cue" part.. That was part of the joke.. It's means the soon to be mentioned people are incoming. Give it up, everyone knows the android people here are strange and way too affected by Apple. I use all 3 and each has its ups and downs but the fandroids here want death upon apple which is the ironic part.

6. Zack_2014

Posts: 677; Member since: Mar 25, 2014

No new post from PhoneArena? Past 9 hours !

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