China Union Pay, the leader credit card and payment solutions by number of clients and sale points adhered in China, officially laucned today Apple Pay in the Asian country.
China UnionPay cardholders will be able to easily add their bank cards to Apple Pay on iPhone®, Apple Watch® and iPad®, providing added convenience and security to everyday shopping.
The agreement between China Union Pay and Apple that enables today the use of Apple Pay in China dates back to December 2015, when both companies announced the launch as soon as relevant tests and certification required by Chinese regulators are issued and the service itself is in compliance with the applicable national mobile payment and financial industry standards in China.
Samsung has signed as well aseparate agreement with China Union Pay to do the same as Apple, but with Loop Pay, the mobile pay solution owned by the Korean company, but it is still not available
Increased competition in the mobile pay market in China
Both services, Apple Pay -already operative- and Loop Pay -still pending- provided by China Union Pay add more competitive preassure to the mobile payments landscape in China, where Alibaba’s Alipay is currently the leader with over 400 real-name registered users, over 130,000 brick and mortar merchants adhered and a 69.9% share in a market, which is valued at Yuan 2.42 trillion just in Q3 2015. And the value of this market is rising.
Following the data published by iResearch, China third-party mobile payment GMV value grew in Q2 2015 a 5.4% from Q2 2015 and 64.3% from a year earlier.
Always according to the data provided by iResearch, the market share of the main third party mobile payment operators in China as of 3Q 2015 and excluding China Union Pay was as follows: Alipay (69.9%); Tenpay 19.2%; Chinaums (11.1%); 99 Bill (7%).
Far under the market share of the fur companies quoted above, there are other operators, such as China PnR, Yeepay, IPS, Jdpay with market shares between the 1.8% and the 4.9%.
Image over the headline.-Apple Pay running on iPhone 6 and Apple Watch. © Apple.
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