Apple Pay Grows Presence in China

7-Eleven, KFC, McDonald’s, Burger King and Circle K have already begun accepting payments via the mobile service in China.

February 22, 2016

MCLEAN, Va. – Apple hopes China is the land of opportunity for mobile payments, reports USA Today.

This week the tech company launched its Apple Pay mobile-payment service in China, the market that Apple Pay vice president Jennifer Bailey told Reuters could be Apple Pay’s largest.

The service launched in September 2014 in the United States as a new payment service that will transform mobile payments, although by some accounts merchant adoption has been slow. However in China, the news source writes that about a dozen Chinese banks are already partnering with Apple on Apple Pay, with more coming onboard later this year.

In December 2015, Apple announced a new partnership with China UnionPay. “Apple Pay has revolutionized the way millions of people pay every day with their iPhone, Apple Watch and iPad,” said Eddy Cue, Apple’s senior vice president of Internet software and services. “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.” Since the announcement, USA Today reports that UnionPay has issued more than 5 billion UnionPay cards in China and abroad, “kind of China’s answer to MasterCard and Visa.”

Beyond Apple’s own physical retail stores in China, 7-Eleven, KFC, McDonald’s, Burger King and Circle K have begun accepting the payments in the country.

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