Apple Pay Now Available in China

Apple Pay Now Available in China

In mid-February, Apple announced that Apple Pay is now available in China. This is breaking news in electronic payments since China is now Apple’s second-largest market, and may eclipse the Americas as Apple’s largest market by 2017, if growth continues.  Apple recently opened its 33rd retail location in Qingdao, China on January 30, 2016.

China is likely to be a huge market for Apple Pay. According to China Internet Watch, “Banks in China saw 27.138 billion e-payment transactions which totaled 553.07 trillion yuan (US$86.17 trillion) in the third quarter of 2015. Phone payment business and mobile payment business grew rapidly in this quarter.”

Apple Pay allows users to pay for physical goods and services such as clothing, reservations, tickets, and groceries, all with one touch from their phone. According to Apple, “By simply using Touch ID, users can quickly and securely provide all their payment and shipping information to check out with a single touch.” They also tout Apple Pay as a secure and private way to pay.

China Union Pay, Pay Ease, and YeePay are three of the payment solution providers available for Apple Pay use in China. The market was dominated by Alibaba Alipay, with “more than 350 million registered users and 270 million monthly active users.” Alibaba will likely see a significant amount of traffic moving toward Apple Pay this year.

IRIS CRM offers merchant services CRM compatible with First Data and Vantiv, two of the payment solution providers for Apple Pay. We are the only software partner you need in the payment industry. We offer client onboarding, residual reporting, electronic signature, an engaging user experience, and mobile access to your vital data. Contact us for more information.

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