Apple Pay To Expand In ‘Significant’ Markets That The Company Operates In

Ali Salman
Posted May 27, 2016
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Apple Pay is expanding to various markets that the company is in. From China to Singapore, the company is hoping to expand its mobile payment system in every significant market that it has its roots in. Recently, TechCrunch spoke with Apple VP, Jennifer Bailey to get an insight into what direction is Apple Pay moving to and what is the possible roadmap for the service.

Apple Pay To Come In ‘Significant’ Market It Is In

The Apple executive said that the company is looking forward to bring Apple Pay to ‘significant’ market in which it operates in. Moreover, the particular focus to expand the service is on Europe and Asia. Currently, Apple’s mobile payment system is available in the United States, Canada, United Kingdom, China, Australia and Singapore. The company has already mentioned that the service will soon reach Hong Kong.

According to Jennifer Bailey, Apple prioritize Apple Pay initiation in a specific country based on several factors. Some of the major factors include the number of Apple products in a specific market followed by the credit or debit card penetration. Other than this, the company also seeks scope for existing contactless payment services. The last point, however, is not something that Apple bases its decision on. This is because the use of contactless terminals upticks as Apple introduces its mobile payment platform.

 

“[But] when we bring Apple Pay to market even when contactless is low it will grow — it was 4 percent in the U.S. but is now 20 percent. We also work with our network partners, where we can utilize integration with Amex and Visa, to go to market quickly.”

When Bailey was asked about Apple Pay’s debut in China, she denied to give out any exact figures but did say that it was “really successful”. Previously, the company has revealed that its Apple Pay launch in China gathered 3 million users who signed up for Apple Pay in the initial two day time of its launch. Now, the service is adding 1 million users per week. Other than this, Bailey pointed that the service is “seeing incredible user and developer reception.”

Apple Pay

Overtime, Apple will also add loyalty card integration to retailers, allowing Apple Pay Wallet to include store points cards and more. In contrast to iOS 10, Apple could integrate person-to-person Apple Pay. This will allow users to send money to each other in a much convenient manner.

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This is it for now, folks. What do you think about Apple’s expansion in new markets? Do you use Apple Pay often? Share your thoughts in the comments.

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