While Apple’s CEO Tim Cook may be optimistic, Apple Pay faces obstacles before it can garner support from Chinese banks.
Apple is chatting with Chinese e-commerce company Alibaba Group and Chinese banks about adopting Apple Pay in the country.
Apple’s CEO Tim Cook acknowledged the talks in an interview with China’s official Xinhua news agency, Reuters reported on Tuesday. Cook didn’t reveal any details about the conversations thus far but expressed a strong desire to launch Apple Pay in the country. “We very much want to get Apple Pay in China,” Cook told Xinhua during a visit to China, Reuters said. “I’m very bullish on Apple Pay in China.”
Apple is eager to introduce Apple Pay to China.
Launched in October 2014, Apple Pay is Apple’s first foray into the contactless mobile payments market. Using an iPhone 6, iPhone 6 Plus or Apple Watch, you can pay for items on the go at supported retailers through the wireless NFC (near-field communication) technology. Apple has been drumming up support for Apple Pay in the US. But to truly take off, Apple Pay needs to expand globally, most notably in China, which is still the world’s largest smartphone market and a country where Apple’s smartphone share has jumped following the introduction of the iPhone 6 and iPhone 6 Plus.
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