Apple has planned to launch Apple Pay for its customers outside United States.
Apple’s digital wallet and mobile payment service ‘Apple Pay’ is targeting the overseas markets next year. After a slow inception in the United States, since its entrance that took place more than 12 months ago, the financial service has ramped up in market places where people prefer so-called contactless payments.
The facility, which allows customers to make payments in an application or by using their iPhones on store terminals, would be launched in the coming year in Spain, People's Republic of China, Singapore, and Hong Kong.
Apple counts on the recognition of its brand as it makes entrance into marketplaces that are further along when compared with the U.S. in all things mobile payments. Still, it would not be easy. The smartphone maker would battle with Internet corporations and local banking institutions that are already offering the facility – not to name smartphone market leader, Samsung Electronics.
“There’s a lot of opportunity for Apple because their brand has a significant cache,” said Aite Group’s senior analyst, Thad Peterson. Apple’s task will be “to see if there’s going to be an adoption curve significant enough to justify the investment.”
Apple Pay, which could be only availed through the company’s devices, is a method for it to make devices more attractive for clients and encourage customer loyalty. After CEO Tim Cook named this year the “year of Apple Pay” in January, the facility has been sluggish to perform well locally, because of an absence of proper market and availability of limited number of store terminals that are equipped with the capacity to accept it.
Adoption is quicker in the United Kingdom, where the service was launched over the summer. This is partly due to contracts with vendors such as sandwich chain Pret A Manger and Twickenham Stadium, which is known for letting its customers employ Apple Pay for unlimited amounts of transactions.
Kantar Worldpanel ComTech has disclosed that Apple iOS captures a strong share of the market, with 39.5% of the sales of smartphones in the United Kingdom in the three months ending October. The company has said in China that its service would be launched out by the earliest in 2016.
McKinsey & Co. has revealed that more than 235 million people above age 15 in the most populated country do not have bank accounts, making payments through mobile devices an essential means to receive and send money.
In December 2015, Apple collaborated with Chinese bankcard organization, Union Pay, which would make Apple’s entrance in the market “a lot easier,” as told by researcher IDC’s analyst, James Wester.
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