Apple Pay could hit China in the early months of 2016
If you’re a company in the smartphone business looking to expand your services to new users, where do you turn? From a growing number of companies, that answer is “China,” and just last week we were checking out the latest rumors to suggest that Google could be interested in finally taking another stab at the Chinese market – this time through the introduction of a custom Google Play Store for its users. Now a new report looks at Apple’s efforts to bring more of its own services to China, as it supposedly prepares to begin offering Apple Pay in the nation early next year.
Sources indicate that Apple’s already inked the key deals it needs with China’s biggest banks, and right now the main issue for the company to work out is regulatory approval with the government.
If everything goes smoothly from here on out, Apple could be ready to launch Apple Pay in China as soon as February – which also happens to be when Google may be aiming to get its Chinese Play Store up and running.
There’s also the matter of Apple’s take to discuss, and while the banks may be on board with Apple’s general plan, it’s not clear if details regarding compensation have been locked down just yet – will Apple be able to hold onto the same percentage it gets when facilitating Apple Pay transactions in the US? If the rest of this deal comes together on schedule, we could be finding out soon.
Source: The Wall Street Journal