Date: Tuesday, November 24th, 2015, 07:23
Category: Apple Pay, Finance, Rumor
It looks like Apple Pay could be in China as early as next year.
Back in September, Apple created a company in the Shanghai free-trade zone, hinting at its plans to launch Apple Pay in the country. It’s since been reported that Apple plans to launch Apple Pay in China by February. Apple has reportedly secured agreements with the four largest banks in China to support the platform.
China, which stands as a larger market than Europe for Apple, is forecasted to overtake the United States as a potential market. The Chinese mobile payment market is currently dominated by Alipay, the service created by Alibaba. Apple hopes to launch Apple Pay by China’s Spring Festival Holiday on February 8th.
In the past, it has been reported that Apple has been in talks with Alibaba regarding a potential partnership to help facilitate a faster rollout in the country. At this point, Apple does not appear to have regulatory approval to launch in China, but Tim Cook has commented that he “very much” wants to launch the platform in the country and is “very bullish” on its prospects there.
Apple Pay has recently expanded to the U.K., Canada, and Australia following its initial launch in the United States.
Stay tuned for additional details as they become available.