Recently it was declared by the representatives of the Industrial and Commercial Bank of China Ltd on the social media posts, that Apple Pay mobile payment system from Apple Inc. shall be available for the Bank’s customers from 18th of Feb. Earlier, Ms Apple Ins had also announced that the system will be made available in China in early 2016. This makes China the fifth nation in the world to have this. The ICBC ban is China’s biggest lender by assets, and this system is expected to enhance the development of a new revenue system.
Spokeswoman of Apple has refused to comment on the post of the launch, the company’s China website list 19 lenders as official partners. Greater China is the second largest market for Apple. In other markets, including the home market, the beginning of Apple Pay has not been quite auspicious. In China Apple Pay will have strong competition from the existing dominant players. As here the shoppers are thoroughly used to pay for their products or services through handsets.
China being the largest market in the world for smartphones with almost 358 million customers, which is more than the entire population of U.S.A. There are two biggest firms in China, Tencent Holdings and Ant Financial services group are the internet companies in this market.
Earlier the State radio of China had reported on website that two other banks China Construction Bank Corp and China Guangfa Bank Co.Ltd would also launch, Apple pay on February 18, however the spokesmen from both the banks have not confirmed this so far.