Apple was confronted with a lot of problems when Apple Pay was first introduced last year. Trouble with getting banks and companies to accept the new NFC-based mobile payments as well as governmental obstacles delayed the rollout of the mobile payments service for many. China is one of the last to not have a viable Apple Pay system up and running, mostly because banks were not on board with the idea at first. Now, things have changed and are looking up for Apple’s own payments ecosystem. Apple Pay is anticipated to launch in China in February 2016, according to the Wall Street Journal.
Chinese banks had been at odds with Apple Pay introduction in China because of the commission that Apple would have taken for each purchase made through the service. The WJS reported today that four different banks in the country have finally managed to strike a deal with Tim Cook and co, hastening the introduction of Apple Pay for Chinese customers. Seeing as the Chinese market has become very important in the past year to Apple, we expect the company to put all their efforts into orchestrating a smooth Apple Pay launch in China.
Few people were surprised by the initial problems Apple Pay faced in China and around the world, since Apple doesn’t even publicly disclose how much commission they take from Apple Pay purchases in the U.S. The general consensus at this time is that about .15 % of each credit card purchase made through the mobile payments platform belongs to Apple. With debit card purchases, Apple takes 5 cents for each. With the four Chinese banks embarking on the Apple Pay bandwagon, the number might have ended up being even smaller.
The Wall Street Journal suggests that the Apple Pay launch date in China will fall within the month of February. Most likely, it will be rolled out before Valentine’s day and before the Chinese Spring Festival. With that in mind, we can probably expect either a late-January or an early-February launch event to take place in the country. We’re awaiting more information to come to light in the next few days. Until then, what do our Chinese readers think about Apple Pay? Will they be using it when it is launched?