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Tim Cook 'very bullish' on bringing Apple Pay to China, talks with Alibaba and UnionPay underway

<div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p class="intro">Tim Cook (http://www.imore.com/tim-cook), who is currently in China to promote Apple's environmental initiatives in the country, shared details on plans to launch Apple Pay (http://www.imore.com/apple-pay) in the region.</p> <p>Apple is currently negotiating with banks like UnionPay in the country as well as Alibaba, the largest e-commerce portal in China.</p> <!--break--> <p>Speaking to China's Xinhua news agency, Tim Cook said:</p>

<p>We very much want to get Apple Pay in China. I'm very bullish on Apple Pay in China.</p>

<p>Alibaba was in discussions (http://www.imore.com/alibaba-looking-partner-apple-over-payment-processing-china) with Apple over the launch of Apple Pay in China last year, with the company's founder Jack Ma stating (http://www.imore.com/alibabas-jack-ma-interested-bringing-apple-pay-china) that he would be interested in a possible collaboration. Although both companies met, nothing was officially announced.</p> <p>While Alibaba will no doubt be a key partner, a deal with UnionPay is needed for the program to take off in China, given that the bank is the only entity in China that handles inter-bank transfers, and has the necessary NFC-enabled network to handle contactless payments. Apple was in talks with several Chinese banks — including UnionPay — earlier this year (http://www.imore.com/apple-reportedly-struggling-apple-pay-chinese-banks-unionpay), but an agreement was not reached.</p> <p>Cook also shared plans regarding Apple's retail footprint in the country, stating that the company is targeting 40 Apple Stores by mid-2016, almost double that of the 22 stores currently present in China:</p>

<p>Forty is a good objective for us for mid next year.That is not where we want to end. We'll keep adding from there.</p>

<p>Source: Xinhua (iCrossChina) (http://www.icrosschina.com/news/2015/0511/12421.shtml)</p> </div></div></div><img width='1' height='1' src='(http://tipb.com.feedsportal.com/c/33998/f/616881/s/463965cf/sc/28/mf.gif)' border='0'/><br clear='all'/>

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Source: Tim Cook 'very bullish' on bringing Apple Pay to China, talks with Alibaba and UnionPay underway (http://feedproxy.google.com/~r/TheIphoneBlog/~3/yzzrDvjFiHI/story01.htm)