Apple has found a new way to boost its revenue in upcoming year. The firm will be launching its Apple Pay in China in collaboration with China UnionPay to introduce mobile payment services in China. Given China’s status as world’s largest population, Apple is striking its services in the thickest bunch for Pay users. Further China is Apple’s biggest market accounting for 26.7% of company’s sale.
Eddy Cue, Apple’s senior vice president, said in a statement, “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.”
Forbes reported that with a partnership with China UnionPay, Apple now has a direct connection to the country’s only bankcard network whose cards are accepted by 26 million merchants worldwide. To date, there have been more than 5 billion UnionPay cards issued. UnionPay cardholders will be able to pay with their iPhones, Apple Watches or iPad.
Commenting on the partnership vice president of China UnionPay, Chai Honfeng, said, “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”.
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