Apple Pay made deal with the four major Chinese national banks, including Industrial and Commercial Bank of China. It is reported that Apple Pay will be available before the Spring Festival comes.
The Wall Street Journal confirmed this new from informed source that Apple Pay will be introduced to Chinese market some day in February, 2016.
The sales volume of iPhone was better than American market in the second quarter. It sounds there is great potential to obtain more market shares for binding Apple Pay to iPhone.
The Wall Street Journal claimed that it is not easy to explore in payment market in China. Visa and Mastercard have been ambitious to march to Chinese market, but they just got the license this May. UnionPay has two strong international competitors. In China, the trading platform is dominated by Unionpay, Alipay and Wechat payment.
Apple has never revealed the income from Apple Pay and its cooperated banks and card issuers keep this confidential. The public guesses Apple would charge 0.15% of each transaction for commission. If Apple Pay has large enough users and transactions, its commission will be considerable.
Tim Cook claimed that they have confidence with Chinese market at the conference of last earnings. The firm will keep investing in China. Besides introducing Apple Pay to China, Apple plans to open a series of Apple Stores in China.