Apple Pay could soon arrive in China via Alibaba
Those in China could soon experience Apple Pay, thanks to a partnership between Cupertino and Alibaba Group Holding Ltd, according to The Wall Street Journal.
A senior Alibaba executive said that both sides are currently discussing specifics of a possible partnership. “We are positive about the potential cooperation, but it depends on the details being worked out,” according to Alibaba vice chairman Joseph Tsai.
The most likely route to an agreement is one where Alibaba’s financial affiliate, Alipay, provides back-end services for Apple’s mobile payment system, which first launched in the United States in October. This would allow iPhone users to make purchases with Apple Pay using the money in their Alipay accounts, Tsai said.
Founded in 1999, Alibaba is the world’s largest online marketplace. In September, the China-based company raised a historic $231 billion during its initial public offering (IPO).
See also: Barclaycard is now offering an improved Apple Rewards card, The arrival of Apple Pay has buoyed interest in Google Wallet, and 5 new banks now support Apple Pay including Barclaycard and PNC.