Apple to launch online payment in China
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Apple will launch an online payment service in China, as the tech giant seeks to expand in its largest market outside of the US despite fierce competition from local rivals.
An Apple Company offering online payment has launched in the Shanghai Free Trade Zone (FTZ), an area set up as a testbed for financial reforms, China News Service reported late Thursday.
Apple didn’t give a date for the launch, but the company told AFP that CEO Tim Cook hopes to set-up Apple Pay in China “as quickly as possible”.
Cook previously said that he expects China one day to surpass the United States to become Apple’s largest market.
But China’s e-commerce giant Alibaba dominates the country’s online payment sector, with the Paypal-like Alipay taking around 80 percent of the market.
Internet firm Tencent is also catching up with a similar service provided via its popular messaging application WeChat.
Questions & Answers
Q.Where has Apple's online payment service been launched in China?
Where has Apple's online payment service been launched in China?
The online payment offering has launched in the Shanghai Free Trade Zone. This area serves as a testbed for financial reforms, according to a report from China News Service.
Q.What is the primary challenge Apple faces in launching its payment service in China?
What is the primary challenge Apple faces in launching its payment service in China?
Apple faces fierce competition from local rivals already dominating the online payment sector. Alibaba's Alipay holds about 80 percent of the market, and Tencent's WeChat service is also growing.
Q.Has Apple provided a specific launch date for the service across China?
Has Apple provided a specific launch date for the service across China?
No, Apple has not yet given a specific date for the wider launch of its online payment service. CEO Tim Cook expressed his hope to set up Apple Pay in China as quickly as possible.
Q.Why is China particularly important to Apple's global strategy?
Why is China particularly important to Apple's global strategy?
China is Apple's largest market outside the US, and CEO Tim Cook expects it will eventually surpass the United States to become the company's biggest market overall.
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