“Apple Inc said it will launch its payment service in China as soon as 2016, pitting it against entrenched Chinese rivals Alibaba Group Holding and Tencent Holdings,” Adam Jourdan and Kshitiz Goliya report for Reuters. “Apple will partner with China’s main bank card and payment firm UnionPay, a state-controlled consortium that has a monopoly on all yuan payment cards issued and used in the country.”
“The move will see Apple Pay take on Tencent’s WeChat Payment and Alipay, the crown jewel of ecommerce king Alibaba’s affiliate Ant Financial, the top player in China’s fast-growing online payments market,” Jourdan and Goliya report. “Eddy Cue, Apple’s senior vice president of Internet software and services, said the tie-up with UnionPay and leading local banks would help Apple Pay give Chinese shoppers a ‘convenient, private and secure payment’ option. ‘China is an extremely important market for Apple,’ he said.”
Jourdan and Goliya report, “UnionPay said in a statement on Friday it also planned to tie up with Samsung Electronics Co Ltd’s payment system, Samsung Pay, which was launched earlier this year.”
Read more in the full article here.
MacDailyNews Take: Samsung Pay, which no one uses. FTFY.