Now with China, North America and parts of Europe out of the way, you would expect that it is only logical that Apple Pay will look at India as the next opportunity to bring Apple Pay in.
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Apple Inc said it will launch its payment service in China as soon as 2016, pitting it against entrenched Chinese rivals Alibaba Group Holding and Tencent Holdings. 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.
Given Apple’s success in China – the country is its largest market after the USA – it’s clear why Apple is eager to enter the world’s most populous country.
Apple has announced plans to bring its mobile electronic payment system, Apple Pay, to China in the early months of 2016, as a result of agreements met with nationwide payment firm, UnionPay, earlier this year. However, the problem with Apple Pay is that it is very heavily dependent upon third party players integrating and partnering with Apple for it and being equally interested in it. We have seen majority of the big players in the United States sign up and looks like another big market is now all set to enter the cage of Apple Pay. A unique Device Account Number is encrypted and stored inside a chip called the Secure Element on each smartphone. Each transaction is also authorized with a one-time unique dynamic security code. With the innovative NFC antenna design, simply hold iPhone near China UnionPay’s QuickPass-enabled POS terminals with your finger on Touch ID to pay. Based on iPhones, iPads, and Apple Watches, Apple Pay is linked to a bank card and activates when a payment processor is nearby and a transaction is desired, using near-field communication.
Samsung Pay supports magnetic secure transmission (MST) technology that works on traditional credit card machines. It also includes fingerprint identification and tokenization, in addition to its KNOX technology.
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Eddy Cue, Apple’s senior vice president of Internet software and services, said the tie-up with UnionPay and leading local banks would help Apple Pay give Chinese shoppers a “convenient, private and secure payment” option.
