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Can Apple Find Success with Apple Pay in China?

Can Apple Find Success with Apple Pay in China?

China’s online payments market is lead by Alipay and Tenpay

Apple (AAPL) is finally set to launch its Apple Pay service in China (FXI). According to a report in the Wall Street Journal, this launch could happen as soon as February 2016, just before the Chinese New Year on February 8.

This report also notes that Apple is in talks with China’s four big state banks—Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China.

Apple is entering a market that is currently led by local Chinese players. UnionPay dominates the credit card processing market while Alibaba’s (BABA) Alipay and Tencent’s (TCEHY) Tenpay led the electronics payments market in China.

According to Chinese research firm iResearch, Alipay had a share of around 50% while Tenpay had a share of around 20% in the China’s online payment market. The above chart shows Yinshang, 99Bill, and ChinaPnR as some of the smaller players in this market.

Apple Pay available at 1 million-plus retail locations in the US

Apple (AAPL) plans to enter China after tasting success in the US. Apple Pay is now available at more than 1 million retail locations in the US, including major retailers.

Earlier this year, Apple announced that Best Buy (BBY) would start supporting Apple Pay. More recently, Apple announced that major restaurants such as Starbucks (SBUX), KFC, and Chili’s would start accepting Apple Pay in 2016.

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