Alibaba Group Holding Ltd (NYSE:BABA) and Apple Inc. (NASDAQ:AAPL) have agreed on a partnership to introduce a payments system into China, possibly Apple Pay. The news emerged after Alibaba’s Chairman, Jack Ma, gave a news conference in South Korea.
Mr. Ma has been quoted as saying the Chinese e-commerce giant is in the initial stages of cooperation and negotiation with the Cupertino-based tech giant, to open a payments system in China. He hopes both companies could ink deals in other areas as well.
Just a week ago, both companies were in talks to introduce a mobile payment system in China. Apple CEO Tim Cook, was excited about the partnership; in an interview with China’s Xinhua news agency, he said: “We very much want to get Apple Pay in China. I’m very bullish on Apple Pay in China.”
Apple is in discussion with a multitude of Chinese banks in an attempt to bring Apple Pay to China. Apple Pay was first launched in the US in September 2014, at the same time Alibaba debuted on the New York Stock Exchange (NYSE). Apple Pay allows iPhone users to make payments by holding their iPhones near contactless readers.
China is Apple’s second biggest market but it’s expected to be the company’s biggest revenue engine in a couple of years, relegating the US to second position. The iPhones garner higher sales from China compared to the US market; therefore, Apple Pay’s entry into China is of paramount importance to Apple.
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