Summary of Apple Pay Reaches the One-Year Mark in China. WeChat and Alipay’s Reaction? “Who?”
Why is Apple Pay not even making the top ten on China’s mobile payment market?
As Apple Pay marks its one-year anniversary in China, reporters Zhou Tian and Hao Hao of tech media firm 36Kr set out to investigate Apple Pay’s reach in the market. In a nutshell, Apple Pay is failing. Zhou and Hao provide an analysis of Apple Pay’s mishaps in China, comparing Apple’s strategy with that of domestic competitors. One point that the article doesn't mention: Apple has ceded market share to local smartphone companies in recent years; only iPhone owners can use Apple Pay, while other mobile payment systems work on any smartphone. As Chinese competitors Alipay and WeChat Wallet expand into other countries (including the United States), Apple Pay will soon face challenges on its home turf as well as abroad. getAbstract recommends this article to entrepreneurs, bankers, people in the tech industry and businesspeople with interests in the Chinese market.
In this summary, you will learn
- Who is who in the Chinese mobile payment market,
- Why Apple Pay flopped in China and
- Why WeChat Wallet and Alipay thrive.