Apple Offering Rewards And Discounts For Its Most Extensive Apple Pay Promotion In China
Apple launched its biggest Apple Pay promotion in China since its launch. The company is offering rewards and points for using the payment service at 16 different online stores and retail outlets. Apple's mobile payment system has been with us for a long time now and the company has been running into some major competition from Alipay and WeChat Pay. So let's dive into see some more details on Apple's biggest promotion and what the company has planned for its mobile payment system's future in China.
Apple Offering Its Biggest Apple Pay Promotion In China
As to begin with what the company is offering, there's a 50 percent discount on all credit card purchases through Apple Pay during the promotional time span. In addition to this there are also rewards with up to 50 times the normal number, if you opt to use the Apple Pay service. South China Morning Post notes:
According to Beijing-based research agency Analysys, the third-party mobile payment market in China is dominated by Alibaba and Tencent, whose Alipay and WeChat Pay has 53.7 per cent and 39.5 per cent of the market as of the first quarter of 2017, respectively.
At a 7-Eleven store in Shenzhen, a salesperson said a majority of consumers make purchases through Alipay and WeChat Pay while payments via Apple Pay are rare. “People are accustomed to Alipay and WeChat Pay in China, which also offer various cash rebates or discounts now and then.”
There are 28 retailers taking part in the promotion which includes 7-Elevent, Burger King, Costa Coffee, Star Bucks, Watsons and other online merchant retailers. Apart from this, 17 banks are also part of the promotion. To gather the amplified reward, you would have to use their credit cards. Some of these banks include China Construction Bank, Bank of Beijing and others.
Apple has announced this promotion for a reason - to tackle the competition and increase its growth in promoting the digital wallets. Even though Apple Pay has been widely accepted by retailers of the country, the competition includes WeChat Pay and Alipay who have been on the market for a long time. However, Apple Pay features a different approach to accomplish transactions unlike WeChat Pay and Alipay which rely on scanning a QR code for the transaction to take place. This also means that WeChat Pay and Alipay have access to all merchants in China. There will be more to the story so be sure to stay tuned.
This is it for now, folks. What are your thoughts on Apple's biggest Apple Pay promotion? Share your views with us in the comments.
News Source: South China Morning Post