The California based tech giant Apple is finally all set to make a debut of its electronic payment service Apple Pay in the world’s largest and biggest Smartphone market china. Since the last year Apple was in a talk with several major banks in China for adopting Apple pay, but many had showed no interest at all and the chat did not work out for them. But finally Apple has made it when the Chinese bank UnionPay agreed to sign a deal with them that will allow the Apple Pay users in China to add their credit or debit card details with Apple Pay, the electronic payment service.
Apple has confirmed the news on Thursday. They also added that this service will be launched by the early of 2016 once all the testing is done and the required certificates are obtained from the regulators. According to Eddy Cue, the head of internet software and services of Apple, their aim is to help people in experiencing a convenient and secure payment system with the help of Chinese bank UnionPay and other 15 leading banks in China. UnionPay is the one and only bank in China to perform interbank payments. But nothing about the terms of partnership have been disclosed.
Apple Pay is needed to face a big challenge to make it stand as the industry standard as it need to face competitors like Google’s Android Pay, Samsung Pay etc.. And a great thanks to china to help Apple for providing a significance business prospect for its mobile payment system at the correct time. China market created a lucrative opportunity for Apple with its massive population of more than $1.35 billion where a large section of the population along with the growing middle class people shows deep interest towards high end Smartphone like Apple. And this has allowed Apple to expand its business in China by opening countless retails stores. This biggest Smartphone market has accounted a large part of the fourth quarter revenue of Apple that is around $12.5 billion.
Apple had launched their electronic payment service Apple Pay in the last year in US and in many other countries that allow the iPhone 6, 6S and Apple watch users to make payment through NFC. According to a spokesperson from Apple, their main aim is to enhance the customer loyalty by helping them store all the payment details in the iPhone and buying the daily needs over there.