Apple Pay was perhaps the biggest announcement that Apple made this year. We may not really realise this right now and maybe say that the Apple Watch was the thing to be, but the convenience of being able to pay using your phone, one device that you are sure shot going to be carrying with you at all times is a wonderful thing. However, the problem with Apple Pay is that it is very heavily dependent upon third party players integrating and partnering with Apple for it and being equally interested in it. We have seen majority of the big players in the United States sign up and looks like another big market is now all set to enter the cage of Apple Pay.
Apple Pay is launching in China in unison with UnionPay. According to the official press release sent, it would be in 2016 that it would go live in China and about 15 of the leading banks have already signed up to be a part of Apple Pay. It has not been specified which are these banks and by when will be they start giving the service, but its definitely happening. Apple Pay will work with QuickPass, which is the existing contactless pay system in China and owned by UnionPay. The users will simply have to go to the QuickPass terminals and present their Apple Pay compatible hardware to activate the service.
Apple’s Eddy Cue, the Senior VP of Internet Software and Services at Apple confirmed the news stating:
China is an extremely important market for Apple and with China UnionPay and support from 15 of China’s leading banks, users will soon have a convenient, private and secure payment experience.
Chai Hongfeng, the Executive VP of China UnionPay was equally excited about the opportunity to partner with Apple and stated:
China UnionPay is dedicated to promoting payment innovations and providing secure, convenient mobile payment experiences for its hundreds of millions of cardholders, aligning multiple parties in the industry. We’re very excited to offer Apple Pay among a diverse set of innovative payment options that work with China UnionPay QuickPass
Now with China, North America and parts of Europe out of the way, you would expect that it is only logical that Apple Pay will look at India as the next opportunity to bring Apple Pay in. We hope that we would have some news to give you regarding the same in 2016.