Apple’s electronic-payments service, Apple Pay is expected to enter China, the leading smartphone market in the world. The Wall Street Journal reported that the service may be available in next February. According to the newspaper, the tech giant has come into contact with China’s big four state-run banks. With this deals users will be able to access their local bank accounts to the mobile-payments service. Apple wishes to launch Apple Pay before China’s Spring Festival holiday, February 8.
Mobile Payments are preferred by Manufactures and Consumers:
Mobile payment service is the demand of time now. It makes our modern busy life easy with amazing services. All kind of payment hazards can be solved easily with a smart phone. People are becoming interested to have such a service to save time and labor in the corporate life. To increase the product-popularity mobile companies are showing enthusiasm to introduce electronic-payments services. It also helps them to build consumer constancy. For example, Apple users could stably use iPhones if they get facilities of all kinds of payment services from their mobile phone. Easy payment services may increase the number of Apple users.
Existing Terms and Services of Apple Pay:
Apple is popular with all their outstanding products and services in tech-industry. Its mobile payment service is also getting on track rapidly. In US Apple Pay launched in last year and already has got remarkable user acceptance. It helps owners of iPhone 6, iPhone 6S of Apple Watch to pay for things through the wireless technology NFC (near-field communication). With the support from all four major US credit cards, a good number of banks and retailers in the US are including Apple’s mobile payment deal. The tech giant’s service has also launched in the UK, Canada, and Australia.
Purchase cost is a talking issue about Apple Pay. People say that in the US it takes 0.15% of all credit-card transactions and 0.5 cents per debit transaction. Apple needs to expand their deals all over the world to achieve more grips in the competitive market of mobile service.
Deals of Apple’s Mobile Payment Service in China:
Electronic-payment has entered the daily life of Chinese people. They are conducting all of their payment issues without any cash. The tech-lover people of China like to pay digitally for their everyday purchases. The tech-giant is planning to conquer this biggest smartphone market. Apple Chief Executive Tim Cook has communicated with Chinese government agencies and has confirmed openly that Apple Pay is expected to launch in China as soon as possible.
According to MarketWatch’s report the company is seeking to reach an agreement with Chinese bank UnionPay. This is the only bank in China that conducts interbank payments. Apple has started discussion with UnionPay about the new deal. The company wants use the bank’s network for their mobile payment service. Hopefully, an agreement will take place by March 2015.
Apple is also talking to at least eight major banks in China about accepting the company’s mobile payment. A source reports that these discussions did not have much improvement. Some of the banks have shown no interest in the project. Apple’s expanding transaction fees may be responsible for their indifference.