On February 18, 2016, Apple launched Apple Pay, its mobile payments service, in China. Apple Pay was launched with a current and planned support of 19 of the country's largest lenders.
Paying is simple with the touch of a finger and can happen in one motion. In stores, instead of scanning a bar code, Apple Pay users will only utilize what is called near-field communication technology (NFC) and there's no need to open an app or wake your display. 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. With Apple watch, just double click the side button and hold the watch face up to the contactless reader to make a purchase right from your wrist. Shopping within apps accepting Apple Pay has never been easier and there's no need to manually fill out lengthy account forms or repeatedly type in shipping and billing information.
The following are comments on Apply Pay in China.
"Apple Pay has revolutionized the way millions of people pay every day with their iPhone, Apple Watch and iPad” said Eddy Cue, Apple's senior vice president of Internet Software and Services. "China is an extremely important market for Apple and with China UnionPay, users will soon have a convenient and secure payment experience."
"China is a critical market, for Apple, and a key reason why it has prioritized this geography for deployment of Apple Pay. Apple Pay is intended to create a deeper reliance on and relationship with the device. The goal is to deeply engrain the iPhone into the user's daily life to create lock-in and loyalty," commented Jordan-McKee, a mobile payment analyst with 451 Research in Boston in an e-mail.
"The Chinese market already has a number of different mobile payment options, but it is important to remember that Apple doesn't need to supersede them to succeed. Apple Pay helps Apple tie people into its devices and services ecosystem and ultimately to sell more Apple Products. If the launch of Apple pay ensures its customers continue to buy its products, Apple will have succeeded" said Jack Kent, mobile payment analyst for IHS in London.
"Although the iPhone is a popular device in China, Apple faces competition from established mobile payment systems such as Alibaba's Alipay, Tencent's Tenpay and Wechat Payment. To try to compete with them, Apple pay has partnered with China Unionpay, a bankcard association that dominates the country's credit and debit card processing market. Apple Pay is also currently supported by 19 different Chinese banks, which means the service can work with around 80 percent of China's credit and debit cards, thus making the competition easier "Jennifer Bailey, vice president of Apple Pay told Reuters.
78. What is the strong point of Apple Pay?
79. With the help of China Unionpay Apple pay will provide __________________________ for everyday shopping experience.
80. The final goal of Apple Pay is to help Apple___________________________________.
81. How can Apple Pay rival with Alipay, Tenpay and Wechat payment?