With the launch of Apple Pay in mainland China on Feb. 18, Apple has become the first foreign player to secure a place at the table for China’s enormous mobile payment market. The company will be battling for market share with e-commerce giant Alibaba’s Alipay and Tencent’s WeChat Wallet, which dominate China’s mobile payment arena.
Billboard in Cape Town’s CBD
By the end of last year, a staggering 358 million Chinese were using mobile phones to purchase goods and services, according to research from the China Internet Network Information Center. Outside of China, financial institutions are eagerly looking for ways to build entire ecosystems around their users, following the success of digital leaders like Tencent and Alibaba, Beijing-based managing director of Accenture Albert Chan told Bloomberg.