Tech giant Apple as launched its payment service Apple Pay in China on February 18, 2016. With the launch of Apple Pay, the company will be competing against various domestic services in the country.
The Chinese market is considered as a huge financial market. For now the service is available in just a few countries including the United States, Canada, Britain and Australia. Tim Cook, the chief executive officer of Apple said, “Apple Pay launching in China today. Can’t wait for you to try it and see how incredibly easy it is to use!”
An industry estimate had showed that the mobile transactions were valued at 9.3 trillion yuan in 2015. The China Internet Network Information Centre the country had 359 million online payment users in mid 2015 which was up by almost 18 percent in six months.
On the other hand some of the dominant online and mobile providers are e-commerce giant Alibaba with about three quarters of market share. But Apple already has a strong base in the country among the rich and the emerging middle class. Analysts have predicted that Apple might grab some market share and some of the loyal Apple users might prefer to use Apple Pay in future.
Photo Credits: timedotcom