Reports suggest that Apple Inc is in talks with Alibaba Group and Chinese banks to launch Apple Pay in China.
In an interview with Xinhua news agency this week, Apple chief executive, Tim Cook said that the corporation want to launch their mobile payments system in China. “We very much want to get Apple Pay in China. I’m very bullish on Apple Pay in China.”
For the first time ever, Apple sold more iPhones in China than in the US in the initial three months of the year, with revenues in greater China expanding by 78 per cent to $16.8bn. The figures make Apple the largest smartphone vendor in China, a position held by Samsung last year, with the iPhone 6 and 6 Plus boosting local sales.
Cook said he believes that Apple Pay will take off even faster in China and analysts have predicted that if the launch goes ahead, China will become Apple’s biggest market and will take over the Americas.
Alibaba’s affiliated company Alipay is China’s biggest payment service and back in October, Alibaba’s executive chairman Jack Ma said that the Chinese e-commerce corporation was open to working with Apple on Apple Pay.
Cook remarked that it was “great news” to see Apple overtaking Chinese smartphone distributor, Xiaomi during the first few months of the year and also said that he believes “China is a market where everyone will own a smartphone.”
Cook said that Apple aims to increase the number of stores in China from 22 to 40 by mid-2016 and that his visit to the country was to focus on Apple Pay’s entry and also to announce environmental initiatives to protect forests.