The mobile payment service of Apple, Apple Pay is all set to launch in China on Thursday, 18th February. Bank representatives of Industrial and commercial bank of China has confirmed the news on social media. So, this is the first attempt of Apple to penetrate into the Asian Payment market. The tech giant has declared previously that the will be entering the China market by early 2016 partnering with some of the major dominating bank of China and now they are going to deliver the plan in real.
Apple has signed up a deal with UnionPay and other major 19 banks for launching Apple Pay in China. UnionPay is the leading bank in that country that created a monopoly on the bank card payment system. Users can make payment for their purchases through Apple Pay with the signature devices such iPhone, iPad and Apple watches.
This mobile payment service Apple pay has been launched in US in 2014 and gradually the company has expanded their service to some other countries such as Canada, Australia and UK. Now they are entering the market of Mainland china where electronic payment system is widely accepted. China is a very important market for Apple especially when it comes to future growth. According to the company CEO Tim Cook, this country will definitely become the largest market for Apple in near future.
However Apple needs to face some tough competition from the local incumbents as online payment service is too common and highly used in China than US. According to the information shared by ‘China Internet Network Information Center’ in 2015, around 410 million users makes online payment whereas over 358 million users make the online payment through their mobile devices. So, the apple pay service in China will definitely have a great impact on their revenue.