Already boasting approximately a million credit card activations within the first 72 hours after Apple Pay launched, Tim Cook says he's interested in partnering with the richest man in China on a deal that could combine Apple's virtual wallet system with Alibaba's e-commerce network of about 300 million users.
During a recent technology conference hosted by the Wall Street Journal, Alibaba CEO Jack Ma expressed interest in joining forces with Cook and Apple to trek deeper into the world of mobile payment. With Alibaba, China's largest e-commerce company, now trading publicly, Ma said he has a lot of interest in the U.S. market for online retail.
Ma's sentiments were reciprocated by Cook, who also attended the conference.
"I have the utmost respect for Jack," said Cook. "We love to partner with people who are wicked smart, have flexible teams, who are product-based and push us. I think Jack has a company that's exactly like that. If we can find some areas of common space, I'd love it."
Cook said he would meet with Ma at some point during the week following the Oct. 27 technology conference.
Apple Pay was launched a week earlier, on Oct. 20. While Cook may take pride in the more than 1 million financial accounts that have joined in the payments network, the virtual wallet platform hasn't been without its struggles or turncoats.
CVS and Rite Aid, both on board at the launch, abandoned the system just days after. Both are members of rival CurrentC platform and there is speculation suggesting that the pharmacies abandoned support for Apple Pay as they prepare for the 2015 launch of the rival system.
"Given that we are still in the process of evaluating our mobile payment options, Rite Aid does not currently accept Apple Pay," stated a Rite Aid spokeswoman. "We are continually evaluating various forms of mobile payment technologies, and are committed to offering convenient, reliable and secure payment methods that meet the needs of our customers."
At the technology conference, Cook termed the decision by CVS and Rite Aid to pull support for Apple Pay as a "skirmish." He said 1 million credit accounts in the first 72 hours makes Apple Pay "bigger than the other guys."
"You are only relevant as a retailer or merchant if your customers love you," Cook said. "It's the first and only mobile payment system that's easy, private and secure."
