Apple Pay is coming to China!
Apple Pay is somewhat closer to making its launch in China according to Fidelity. This is due to a new company, Apple Technology Service (Shanghai) Ltd., which Apple has set up to work in the Shanghai free trade zone with the sole reason for running its mobile payment services.
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Apple has supposedly formed this new company with enlisted capital of $13.4 million. The Apple's VP and corporate treasurer Gary Joseph Wipfler is named as its chairman and legal representative.
Tim Cook has previously described bringing Apple Pay to China as “top of the list” in terms of priorities.
In 2014, he told China's official Xinhua news agency that, “Everything we do [in terms of services in the U.S.], and we are going to work it here.”
Similarly with the regulatory approval which deferred the entry of the iPhone 6 in China, the issue again is the necessary permits which Apple needs.
Companies that want to launch online payment services in China first have to gain approvals from Chinese regulators such as the central bank.
This is quite difficult when considered practically. Ideally for Apple, the existence of the China-based Apple Technology Service (Shanghai) Ltd marks a positive stride towards launching Apple Pay in the nation, despite the fact that the venture is not over yet.
Furthermore, as the Wall Street Journal focuses, Apple Pay will be, “entering a market where electronic payments are already deeply entrenched” thanks to mobile apps like the Alibaba-owned Alipay — which currently has around 400 million registered users.
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Outside of the U.S., U.K is the only country with the Apple Pay’s service. Canada and China are both expected to receive the service next.