Apple seems keen on expanding its wings in the Chinese market, particularly in bringing its mobile payment service Apple Pay to China, as the company reportedly registered an entity in the Shanghai free trade zone back in June.
This, according to reports, may not guarantee an imminent launch of the mobile payment service, but this is a good indication that the groundwork is now being laid to enable the service in the country. The company has yet to line up banks (as its participant issuers in the country) as well as its partner stores.
Apple purportedly registered an entity, Apple Technology Service (Shanghai) Ltd., in the free trade zone. The entity's business operations include technical consulting, services as well as system integration in the field of payments.
One report claims China logged nearly 27 percent of Apple's revenue, which is $46.9 billion, during the third quarter of this year, making it one of the company's most important markets, thanks to the huge Chinese demand for the iPhone.
During the visit of Apple CEO Tim Cook in the country in May, he was quoted as saying he's "very bullish on Apple Pay in China."
"We very much want to get Apple Pay in China," he said.
In February, the company allegedly clashed with the state-owned debit and credit card operator UnionPay due to regulatory concerns as well as the underlying NFC technology. UnionPay is said to be the only interbank network in the country.
Tech Times also reported that Apple Pay in the U.S. now boasts over 500 participating issuers after the company added over 40 U.S. banks, credit unions and financial institutions.
The move to add more Apple Pay backers is important in Apple's plan to roll out more enhancements to the NFC-based mobile payment service.
"Apple Pay is simple to use and works with the cards you already have on the devices you use every day. And because your card details are never shared when you use Apple Pay—in fact, they aren't stored in your device at all—using Apple Pay on your iPhone, Apple Watch or iPad is the safer and more private way to pay," states Apple Pay's description on the Apple website.
